800 BUILDING: Can Hire Wyatt Tarrant as Special Counsel-------------------------------------------------------The Hon. Jacqueline P. Cox of the U.S. Bankruptcy Court for theNorthern District of Illinois authorized The 800 Building LLC asks for permission to employ Wyatt, Tarrant & Combs LLP as its specialcounsel to provide the Debtor with legal services with respect tothe sale of The 800 Building pursuant to a purchase agreemententered into by the Debtor before the petition date, and to assistthe Debtor with the closing of the sale.

The Wyatt Tarrant professional most active with respect to thefirm's representation of the Debtor has been, and will continue tobe, Michael B. Vincenti, Esq. Mr. Vincenti's current hourlybilling rate is $440.

The Debtor assured the Court that the firm is a "disinterestedperson" within the meaning of Section 101(14) of the BankruptcyCode.

The 800 Building, LLC, owns and operates two adjacent but relatedrental properties in downtown Louisville, Kentucky: (a) a 246-unitresidential apartment building known as The 800 Building, with astreet address of 800 South 4th Street; and (b) a 48-slot parkinggarage, with a street address of 820 South 4th Street. The companyis owned by Leon and Helen Petcov and is managed by Leon Petcov.

The case is assigned to Judge Pamela S. Hollis. The Debtor tappedPhillip W. Nelson, Esq., at Locke Lord LLP, in Chicago, as counsel.

A123 SYSTEMS: Dismisses Securities Case Against Four Executives---------------------------------------------------------------Cara Salvatore at Bankruptcy Law360 reported that a Manhattanfederal judge has dismissed a securities case against fourexecutives of A123 Systems Inc., a company that made batteries forelectric cars but allegedly kept mum about the imminent failure ofits biggest customer, saying on Sept. 8, 2015, that the investorswho brought the suit didn't back up their claims with strongevidence.

The plaintiffs said the executives -- David Vieau, John Granara,Jason Forcier and David Prystash -- failed to communicate toinvestors that car maker Fisker Automotive, a big customer, washeaded toward bankruptcy.

About A123 Systems

Based in Waltham, Massachusetts, A123 Systems Inc. designed,developed, manufactured and sold advanced rechargeable lithium-ionbatteries and battery systems and provided research anddevelopment services to government agencies and commercialcustomers. A123 was the recipient of a $249 million federal grantfrom the Obama administration.

Prior to the bankruptcy filing, A123 had an agreement to sell an80% stake in the business to Chinese auto-parts maker WanxiangGroup Corp. U.S. lawmakers opposed the deal over concerns on thetransfer of American taxpayer dollars and technology to China.When it filed for bankruptcy, the Debtors presented a deal to sellall assets to Johnson Controls Inc., subject to higher and betteroffers. At the auction in December 2012, most of the assets endedup being sold for $256.6 million to Wanxiang. The deal receivedapproval from the Committee on Foreign Investment in the U.S. onJan. 29, 2013.

In May 2013, the Delaware bankruptcy court confirmed theliquidation plan for A123 Systems Inc. The Plan repays allsecured creditors in full with some money left over for unsecuredcreditors. Holders of $143.8 million in subordinated notes areprojected to recoup 36.3 percent. If B456 Systems Inc., thecompany's new name, reduces claims to amounts the company believescorrect, the recovery on the subordinated notes could increase to62.9 percent, according to the disclosure statement. Generalunsecured creditors, who previously were said to have $124 millionin claims, would have roughly the same recovery.

AC I INV: Has Until Sept. 30 to Propose Plan of Reorganization--------------------------------------------------------------The Hon. Robert D. Drain of the U.S. Bankruptcy Court for theSouthern District of New York further extended AC I Inv ManahawkinLLC, et al.'s exclusive periods to file a plan of reorganizationuntil Sept. 30, 2015, and solicit acceptances for that plan untilNov. 30, 2015.

As reported by the Troubled Company Reporter on Aug. 5, 2015, Invowns a 100% interest in Mezz, a holding company, which in turn ownsa 100% interest in AC I Manahawkin LLC. The sale of the ManahawkinCommons Property closed on June 15, 2015. The remaining proceeds,after LLC's plan payments are completed, will be utilized to fundMezz's liquidating plan.

The Debtors are engaged in continuing settlement negotiations inconnection with the disputed claim by Acadia Realty LimitedPartnership. A consensual and global resolution of the Acadiadisputed claim will have a substantial impact on the amount of thesale proceeds. The Debtors will have to escrow an amount in excessof $6,000,000 in connection with Acadia's disputed claim, whichwill significantly decrease the amount to be distributed to Mezz.

The Debtors need the extension to be able to focus their energieson potential resolutions of disputed claims, including the Acadiadisputed claim, which if successful, will inure to the benefit ofcreditors by eliminating the need to reserve funds for disputedclaims and limiting time consuming and costly litigations.

U.S. Trustee was unable to form an official unsecured creditors'committee.

ALPHA NATURAL: Tweaks Bankruptcy Loans--------------------------------------Peg Brickley, writing for The Wall Street Journal, reported thatAlpha Natural Resources has hammered out deals with unhappycreditors and representatives of its coal mine workforce in a bidto win court approval of a $692 million bankruptcy loan.

According to the report, told that negotiations cleared upcriticism that threatened to derail the deal, Judge KevinHuennekens indicated at a hearing on Sept. 15 in the U.S.Bankruptcy Court in Richmond, Va., that he will sign off on thechapter 11 financing for the company. Some final details remain tobe worked out before the order is ready for the judge's signature,the Journal reported.

The bankruptcy loan Alpha brought to court on Sept. 15 marks a"dramatic change" from an earlier version that drew a volley ofcriticism, said Andrew Leblanc, lawyer for the official committeerepresenting Alpha's unsecured creditors, the Journal cited. Changes negotiated in recent weeks persuaded the committee to dropits opposition to Alpha's bankruptcy financing, he said, theJournal further cited.

About Alpha Natural

Alpha Natural -- http://www.alphanr.com-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers asmeasured by 2014 consolidated revenues of $4.3 billion.

Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)and its affiliates filed separate Chapter 11 bankruptcy petitionson Aug. 3, 2015, listing $9.9 billion in total assets as of June30, 2015, and $7.3 billion in total liabilities as of June 30,2015. The petition was signed by Richard H. Verheij, executivevice president, general counsel and corporate secretary.

Judge Kevin R. Huennekens presides over the case.

David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson,Esq., at Jones Day serve as the Debtors' general counsel.

(f) assisting with developing a process and infrastructure to respond to and track calls received from suppliers, employees and other constituents, including the production of various management reports reflecting call center activity;

(g) assisting in the identification of executory contracts and unexpired leases and performing cost/benefit evaluations with respect to the assumption or rejection of each, as needed;

(h) preparing the Debtors with respect to financial related disclosures that will be required by the Court;

(i) assisting in the development of a key employee bonus plan, if needed; and

(j) rendering such other restructuring and general business consulting or such other assistance for the Debtors as the Debtors' management or Weil may request.

Asset Sales:

(a) assisting with data collection and information gathering for third party due diligence relating to potential transactions with financial and strategic buyers;

(b) assisting in developing, negotiating and executing plan of reorganization scenarios, 363 sales or other potential sales of all or portions of the Debtors' assets; and

(c) rendering such other advice or providing assistance to the Debtors' as the Debtors' management or Weil may request.

The Debtors have agreed to pay FTI the compensation set forth inthe Engagement letter (the "Fee Structure"). The principal terms ofthe Fee Structure are as follows:

-- Hourly Fees: Fees for services rendered by FTI pursuant to the Engagement Letter will be based upon time incurred in providing such services, multiplied by 75% of FTI's standard

-- Completion Fee. The Debtors, in their discretion, and subject to this Court's approval, may pay FTI a fee (the "Completion Fee") in an amount up to $2,000,000.

-- Expenses. The Debtors will reimburse FTI for reasonable and customary out-of-pocket expenses incurred during the engagement, including telephone, overnight mail, messenger, travel, meals, accommodations and other expenses specifically related to the engagement.

-- Court Testimony. In addition, if FTI and/or any of its employees are required to testify or provide evidence at or in connection with any judicial or administrative proceeding

relating the engagement, the Debtors will compensate FTI at its regular hourly rates and reimburse FTI for reasonable allocated and direct expenses with respect thereto.

Prior to the Commencement Date, the Debtors provided FTI with aretainer of $18,809.81 in December 2013 then increased the retainerby $700,000.00 in June 2015 (these amounts together, the"Retainer").

Michael R. Nowlan, senior managing director of FTI Consulting,assured the Court that the firm is a "disinterested person" as theterm is defined in Section 101(14) of the Bankruptcy Code and doesnot represent any interest adverse to the Debtors and theirestates.

Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea Company, Inc., and its affiliates are one of the nation's oldestleading supermarket and food retailers, operating approximately300 supermarkets, beer, wine, and liquor stores, combination foodand drug stores, and limited assortment food stores across sixNortheastern states. The primary retail operations consist ofsupermarkets operated under a variety of well known trade names,or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark,Food Basics, The Food Emporium, Best Cellars, and A&P Liquors. TheCompany employs approximately 28,500 employees, over 90% of whomare members of one of twelve local unions whose members areemployed by the Debtors under the authority of 35 separatecollective bargaining agreements.

The U.S. Trustee for Region 2 appointed seven creditors to serveOn the official committee of unsecured creditors.

Elise S. Frejka was appointed as consumer privacy ombudsman.

AUDATEX HOLDINGS: Moody's Puts B1 CFR Under Review for Downgrade----------------------------------------------------------------Moody's Investors Service placed the ratings of Audatex Holdings,LLC and Audatex North America, Inc. ("Audatex" or "Solera"),including the B1 Corporate Family Rating, under review for adowngrade, upon Audatex's September 14th announcement that it hadentered into a definitive merger agreement with an affiliate ofVista Equity Partners ("Vista") for a Vista-led investmentconsortium to acquire Audatex. The transaction's enterprisevaluation, approximately $6.5 billion, is about $3.5 billion inexcess of Audatex's existing debt, and represents a multiple ofroughly 15.0 times Moody's-adjusted EBITDA for the fiscal yearended June 30, 2015. The valuation reflects the consortium's offerto purchase Solera for $55.85 per share, a 13% premium over thecompany's September 11th closing share price of $49.45. Moody'salso affirmed Audatex's SGL-1 liquidity rating.

Moody's took the following rating actions on Audatex Holdings,LLC:

Ratings placed on review for downgrade:

B1 CFR

Ba3-PD PDR

B1 Senior Unsecured notes

Ratings affirmed:

Speculative Grade Liquidity rating at SGL-1

RATINGS RATIONALE

The review reflects Moody's expectation that the acquisition'sfinancing structure will likely result in a meaningful increase indebt and raise the company's Moody's-adjusted debt to EBITDAleverage to above its already high 7.0 times. In its review,Moody's will also consider Solera's ability to capitalize on itscompetitive position, growth prospects to mitigate the effects ofhigher leverage, as well as the effect on Audatex's existing debtand the final terms and composition of the transaction'sfinancing.

The company indicated existing debt would be a part of theacquisition financing. However, Audatex's existing senior unsecurednotes have a change-of-control put right. If the notes remainoutstanding following the acquisition, the notes could be notchedbelow the CFR since the indentures provide the company the abilityto issue secured debt up to 3.75x and up to an additional $100million of secured bank debt without having to pledge thecollateral to the note holders. Audatex does not currently havematerial secured debt. A shift to a multi-layered debt structurewould also likely result in a downgrade of the Probability ofDefault Rating to a level in line with the CFR.

Moody's affirmed the SGL-1 speculative-grade liquidity ratingbecause the acquisition will not have an immediate effect on thecompany's liquidity position. However, the SGL rating could belowered in conjunction with the acquisition financing if liquidityis weakened by factors such as a reduction in cash or free cashflow or the introduction of debt with maintenance covenants.

The closing of the merger is expected no later than the firstcalendar quarter of 2016, and is conditioned upon customary closingevents, including regulatory approval and the approval of Solera'sstockholders (its board of directors has already unanimouslyapproved the transaction).

Audatex Holdings, LLC is a wholly-owned subsidiary of SoleraHoldings, Inc. ("Solera", ticker: SLH) and a leading provider ofrisk and asset management software and services to the automotiveand property marketplace, including the global property andcasualty industry. Customers for automobileinsurance-claims-processing solutions include automobile insurancecompanies, collision repair facilities, appraisers, and dealers.Moody's expects revenues, with the benefit of significant recentacquisitions, of approximately $1.3 billion for the 2016 fiscalyear (ending in June 2016).

BAHA MAR: Comments on US Court Ruling on Chapter 11 Process-----------------------------------------------------------Baha Mar on Sept. 15 stated that it is disappointed that themotions by China State Construction and The Export-Import Bank ofChina to vacate Baha Mar's Chapter 11 process have been granted bythe U.S. Court, with the exception of the Chapter 11 case ofNorthshore Mainland Services. Accordingly, Baha Mar will exploreits alternatives with respect to the Sept. 15 Court decision.

Baha Mar stated, "With respect to the decision, we do note that theCourt affirmed that it was appropriate for Baha Mar to file forChapter 11 in the U.S. Court and that the Chapter 11 filings weremade in good faith."

In its ruling, the Court made clear that the Chapter 11 process"with all stakeholders participating, under these circumstances,would be an ideal vehicle for the restructuring of this family ofrelated companies with the ultimate goal of finishing a projectsaid to be 97% complete and, upon its exit from Chapter 11, to bein sound financial footing, with appropriate treatment ofcreditors."

The Court also made the point: "If I were convinced that denyingthe Dismissal Motions would have the effect desired by the Debtors-- bringing CCA, CEXIM and the government of The Bahamas back tothe bargaining table, I might consider denying the DismissalMotions. But the evidence does not reflect this and I am notconvinced this will happen in short order."

Furthermore, in his decision, Judge Carey of the U.S. Court noted,"It may well be that the Northshore Chapter 11 case could serve asa useful vehicle for the parties as part of an overall resolutionof the corporate family's difficulties, in concert with theproceedings in The Bahamas."

Baha Mar emphasized, "Our priority continues to be ensuring BahaMar is in a position to be completed properly and openedsuccessfully as soon as possible. We are continuing to do all werealistically can, including working with the provisionalliquidators appointed by The Bahamian Supreme Court, to try toresolve the issues that have prevented Baha Mar from opening."

Black Elk holds oil and natural gas interests in offshoreproperties in the Gulf of Mexico.

CAESARS ENTERTAINMENT: TJM Offers $3MM for Shuttered Miss. Casino-----------------------------------------------------------------Jonathan Randles at Bankruptcy Law360 reported that CaesarsEntertainment Operating Co. told an Illinois bankruptcy court thatit has reached a deal in place to sell its shuttered Harrah'sTunica Casino in Mississippi for $3 million to TJM Properties Inc.after spending three years looking for a potential suitor.

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,is one of the world's largest casino companies. Caesars casinoresorts operate under the Caesars, Bally's, Flamingo, GrandCasinos, Hilton and Paris brand names. The Company has itscorporate headquarters in Las Vegas. Harrah's announced itsre-branding to Caesar's in mid-November 2010.

In January 2015, Caesars Entertainment and subsidiary CaesarsEntertainment Operating Company, Inc., announced that holders ofmore than 60% of claims in respect of CEOC's 11.25% senior securednotes due 2017, CEOC's 8.5% senior secured notes due 2020 andCEOC's 9% senior secured notes due 2020 have signed the Amendedand Restated Restructuring Support and Forbearance Agreement,dated as of Dec. 31, 2014, among Caesars Entertainment, CEOC andthe Consenting Creditors. As a result, The RSA became effectivepursuant to its terms as of Jan. 9, 2015.

In addition, Fitch has affirmed the IDR and issue rating ofChester Downs and Marina LLC (Chester Downs) and the ratings havebeen simultaneously withdrawn for business reasons.

CALIFORNIA RESOURCES: Moody's Lowers Corp. Family Rating to B1--------------------------------------------------------------Moody's Investors Service downgraded California ResourcesCorporation's (CRC) Corporate Family Rating (CFR) to B1 from Ba2,reflecting weak financial performance in the current commodityprice environment. The company's senior unsecured notes weredowngraded to B2 from Ba2 and its term loan and revolving creditfacility was upgraded to Ba1, as a result of becoming secured underthe terms of the existing credit agreement. Moody's also affirmedCRC's SGL-3 Speculative Grade Liquidity Rating. The rating outlookis negative.

"CRC's debt structure and relatively high cost position in thecurrent low oil price environment has stressed its credit metrics,"said James Wilkins, a Moody's Vice President. "It will be difficultfor the company to realize meaningful debt reduction fromgeneration of positive free cash flow."

The following summarizes the ratings actions.

California Resources Corporation

Ratings Downgraded:

Corporate Family Rating: B1 from Ba2

Probability of Default Rating: B1-PD from Ba2-PD

Senior unsecured notes: B2 (LGD4) from Ba2 (LGD4)

Ratings Upgraded:

Revolving credit facility: Ba1 (LGD2) from Ba2 (LGD4)

Term loan: Ba1 (LGD2) from Ba2, LGD4

Ratings affirmed:

Speculative Grade Liquidity Rating, affirmed at SGL-3

Outlook: Negative

RATINGS RATIONALE

The downgrade of CRC's CFR to B1 reflects its weak credit metricsfor leverage, cash flow coverage, and operating and capitalefficiency, that are more typical of single-B or Caa rated peers.CRC's relatively high cost production (production, SG&A andinterest costs totaled $31.71 per boe for the second quarter 2015)and weak commodity prices that Moody's does not expect to improvematerially in 2016, leaves CRC will a limited ability to generatepositive free cash flow and reduce balance sheet debt. Given CRC'shigh cost structure, we expect to see leveraged cash marginsbetween $8-$11 per boe over the next 12 to 18 months. The companyhas relatively little of its 2016 production hedged (just 5,000 bpdor less than 5%). The company has stated that it plans to monetizeassets and will potentially consider other transactions that wouldallow it to reduce balance sheet debt to $5 billion by year-end2016. Even so, its leverage and cash flow metrics will be weak forthe B1 CFR.

In 2015, CRC has limited its capital expenditures to levels thatcan be funded by internally generated cash flow. The company hasreduced the number of rigs working to three in January 2015 from apeak of 27 in October 2014. Moody's believes this level of spendingand drilling activity could lead to only a small decline inproduction in 2015 and 2016 compared to 2014. In addition, with thereinvestment of its cash flow, there is little ability to reducethe company's debt burden using free cash flow.

CRC's B1 CFR is supported by the company's large scale and legacyproduction as one of the largest operators in California. Atyear-end 2014, the company reported roughly 550 million boe ofproved developed reserves and during the second quarter 2015reported 161,000 boe of production per day. This scale is largerthan other oil-focused B1-rated companies. The quality of CRC'sreserve base is another credit positive. CRC's production is maturewith a well-defined and shallow decline rate. The reserves arewell-diversified and have a reserve life index that is longer thanmost peers.

CRC's SGL-3 Speculative Grade Liquidity Rating reflects Moody'sexpectation the company will have adequate liquidity through 2016supported by its funds from operations, modest cash balances ($37million as of June 30, 2015) and availability under its revolvingcredit facility due 2019. The credit facility agreement coveringthe term loan and revolving credit facility calls for the loans tobe secured when the CFR is Ba3 or lower. As a result of the CFRdowngrade to B1, the revolving credit facility loans are subject toa borrowing base. Moody's expects that the borrowing base will besufficient for CRC to have access to the full $1.25 billion incommitments, but such borrowing base is a function of crude oil andnatural gas commodity prices. The company had $590 million ofborrowings and $27 million of letters of credit as of June 30,2015, and will remain reliant on its revolver. CRC expects to limitcapital spending such that its free cash flow is breakeven orpositive. It does not have near-term debt maturities. The companydoes not pay material dividends in its common stock.

In February 2015, the credit facility was amended to relax itsfinancial covenants. In return, a liquidity requirement was addedthat effectively reduces availability under the revolving creditfacility to $1.25 billion and the rating trigger was modified sothat a Ba3 CFR would give the lenders an annual borrowing base togovern availability, as well as collateral security. Moody'sexpects the company will remain in compliance with the twofinancial covenants in the revolver -- a maximum debt to EBITDAXand minimum EBITDAX to interest expense.

The term loan and revolving credit facility are rated three notchesabove the B1 CFR to reflect their secured nature and priority ofclaim on assets over unsecured debt (including $5 billion of seniornotes) in accordance with Moody's Loss-Given-Default ratingmethodology. The senior unsecured notes are now rated B2, one notchbelow the B1 CFR, as a result of being contractually subordinatedin claim to the secured debt.

The negative outlook reflects uncertainty in CRC's ability toimprove its cash flow and leverage metrics to levels supportive ofthe B1 CFR. The ratings could be downgraded if retained cash flowto debt is not expected to increase above 10% on a sustained basis,CRC does not continue to generate positive free cash flow or CRCdoes not improve its leverage. It is unlikely that the ratings willbe upgraded given current cash flow and leverage expectations. Tobe considered for an upgrade, the ratio of retained cash flow todebt should be projected to be sustained above 20%.

California Resources Corporation, headquartered in Los Angeles, isan independent, exploration and production company with operationsexclusively in California. It was spun out of Occidental Petroleumin November 2014.

The outlook is stable. S&P expects stable cash flows from CCP'sportfolio of triple-net leased properties and believe tenant-levelrent coverage will remain relatively flat in a generally unchangedreimbursement environment. S&P thinks coverage metrics will weakenas CCP issues long-term fixed-rate debt, but expects debt to EBITDAwill remain around 5.0x over the next two years.

S&P could consider a downgrade if tenant concentration risesmodestly or operating results deteriorate, possibly driven byreimbursement issues that cause rent coverage levels to dropmeaningfully. Moreover, S&P would also consider lowering therating if the company aggressively pursues large debt-financedacquisitions that cause debt to EBITDA to rise above 6.5x for asustained period, given the potential volatility associated withgovernment reimbursement programs.

While unlikely in the near term, S&P would consider a positiverating action if CCP builds scale in a leverage-neutral fashionwhile improving tenant and geographic diversification. Moreover,S&P would also need to see the company maintain or improve itstenant-level rent coverage and grow into a more mature capitalstructure, with far less reliance on floating-rate debt. Thereimbursement risk inherent with the skilled nursing business alsoreduces the likelihood of an upgrade over the next 12 months.

CLAIRE'S STORES: Incurs $18.8 Million Net Loss in Second Quarter----------------------------------------------------------------Claire's Stores, Inc. filed with the Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing a net lossof $18.8 million on $347.58 million of net sales for the threemonths ended Aug. 1, 2015, compared to a net loss of $20.6 millionon $377.8 million of net sales for the three months ended Aug. 2,2014.

For the six months ended Aug. 1, 2015, the Company reported a netloss of $54.3 million on $667.6 million of net sales compared to anet loss of $58.7 million on $731.2 million of net sales for thesix months ended Aug. 2, 2014.

As of Aug. 1, 2015, the Company had $2.5 billion in total assets,$2.9 billion in total liabilities and $390.22 million instockholders' deficit.

Cash Position

As of Aug. 1, 2015, the Company had cash and cash equivalents of$83 million and all cash equivalents were maintained in one moneymarket fund invested exclusively in U.S. Treasury Securities.

In addition, as of Aug. 1, 2015, the Company's foreign subsidiariesheld cash and cash equivalents of $41.7 million. During the sixmonths ended Aug. 1, 2015, the Company repatriated cash held byforeign subsidiaries but did not accrue U.S. income taxes since theamount of its remaining U.S. net operating loss carry forwards wassufficient to offset the associated income tax liability. Duringthe remainder of Fiscal 2015, the Company expects a portion of itsforeign subsidiaries' future cash flow generation to be repatriatedto the U.S. to meet certain liquidity needs. Based upon the amountof the Company's remaining U.S. net operating loss carryforwards asof Aug. 1, 2015, the Company does not expect to pay U.S. income taxon future Fiscal 2015 repatriations. When the Company's U.S. netoperating loss carryforwards are no longer available, the Companywould be required to accrue and pay U.S. income taxes, net of anyforeign tax credit benefit, on any such repatriation.

"We anticipate that cash generated from operations, borrowingsunder our Credit Facilities, and future refinancings of ourindebtedness will be sufficient to allow us to satisfy payments ofinterest and principal on our indebtedness as they become due, tofund new store expenditures, and future working capitalrequirements in both the next twelve months and over the longerterm. However, this will depend, in part, on our future operatingperformance. Our future operating performance and liquidity, aswell as our ability to refinance our indebtedness, may be adverselyaffected by general economic, financial, and other factors beyondour control," the Company states in the report.

as a specialty retailer of fashion accessories and jewelry forpreteens and teenagers, as well as for young adults in NorthAmerica and internationally. It offers jewelry products thatcomprise costume jewelry, earrings, and ear piercing services; andaccessories, including fashion accessories, hair ornaments,handbags, and novelty items.

Based in Pembroke Pines, Florida, Claire's Stores operates undertwo brands: Claire's(R), which operates worldwide and Icing(R),which operates only in North America. As of Jan. 31, 2009,Claire's Stores, Inc., operated 2,969 stores in North America andEurope. Claire's Stores also operates through its subsidiary,Claire's Nippon, Co., Ltd., 213 stores in Japan as a 50:50 jointventure with AEON, Co., Ltd. The Company also franchises 198stores in the Middle East, Turkey, Russia, South Africa, Polandand Guatemala.

Claire's reported a net loss of $212 million for the fiscal yearended Jan. 31, 2015, compared to a net loss of $65.3 million forthe fiscal year ended Feb. 1, 2014.

* * *

As reported by the TCR on April 13, 2015, Moody's InvestorsService downgraded Claire's Corporate Family Rating (CFR) toCaa2 from Caa1. The downgrade of Claire's ratings reflectcontinued weak operating performance and deterioration of itsliquidity profile.

CRP-2 HOLDINGS: Court Approves Hiring of FrankGecker as Counsel---------------------------------------------------------------CRP-2 Holdings AA, L.P. sought and obtained permission from theHon. Donald R. Cassling of the U.S. Bankruptcy Court for theNorthern District of Illinois to employ FrankGecker LLP as counsel,retroactive to the July 21, 2015 petition date.

The Debtor requires FrankGecker to:

(a) advise the Debtor concerning its powers and duties as a debtor in possession in the continued operations of its business and management of its properties;

(b) attend meetings and negotiate with representatives of creditors and other parties in interest;

(c) advise the Debtor on the conduct of its chapter 11 case, including all of the legal and administrative requirements of operating in chapter 11;

(d) represent the Debtor in proceedings and hearings in the United States District and Bankruptcy Courts for the Northern District of Illinois;

(e) act to help protect, preserve and maximize the value of the

Debtor's estate;

(f) analyze proofs of claim filed against the Debtor and potential objections to such claims;

(g) prosecute and defend litigation matters and such other matters that might arise during the Debtor's chapter 11 case;

(h) prepare or assist in the preparation of all necessary motions, applications, reports, and pleadings in connection

with the Debtor's chapter 11 case, including the solicitation of the chapter 11 plan filed herein and related documents; and

(i) perform such other legal services for the Debtor in connection with its chapter 11 case that the Debtor determines are necessary and appropriate.

FrankGecker will also be reimbursed for reasonable out-of-pocketexpenses incurred.

As of the Petition Date, FrankGecker holds $195,322.72 as aretainer for post-petition services.

Joseph D. Frank, partner of FrankGecker, assured the Court that thefirm is a "disinterested person" as the term is defined in Section101(14) of the Bankruptcy Code and does not represent any interestadverse to the Debtors and their estates.

CRP-2 Holdings AA, L.P., a Delaware limited partnership that wasformed in May of 2006 for the primary purpose of acquiring andmanaging real property, filed a Chapter 11 bankruptcy petition(Bankr. N.D. Ill. Case No. 15-24683) on July 21, 2015. NeilWaisnor signed the petition as vice president. FrankGecker LLPserves as the Debtor's counsel. The Debtor disclosed total assetsof $171,349,208 and total liabilities of $166,637,095. JudgeDonald R. Cassling is assigned to the case.

The U.S. Trustee appointed two creditors to serve on the officialcommittee of unsecured creditors.

CUMULUS MEDIA: Moody's Lowers CFR to B3, Outlook Stable-------------------------------------------------------Moody's Investors Service downgraded Cumulus Media Inc.'s CorporateFamily Rating to B3 from B2, Probability of Default Rating to B3-PDfrom B2-PD, and Speculative Grade Liquidity Rating to SGL-3 fromSGL-2. Moody's also downgraded the company's secured creditfacilities to B2 from B1 and senior unsecured 7.75% notes to Caa2from Caa1. The downgrades reflect Moody's view that the pace ofdebt repayment and delevering will be slower than expected.Although $200 million of pending asset sales are to be completedwithin the next 18 months, Moody's now believes revenue and EBITDAgrowth will remain below the agency's prior expectations reflectingunderperformance in key markets and with the company's radionetworks. The outlook is stable.

Cumulus' B3 Corporate Family Rating reflects Moody's expectationthat debt-to-EBITDA will remain elevated and in the mid to high 8xthrough FYE2015 (including Moody's standard adjustments) due tocontinued revenue declines in core ad sales and network revenue aswell as the absence of political ad spending in 2015, an oddnumbered year. We expect leverage to improve in 2016 through acombination of EBITDA growth and debt repayment with free cash flowplus proceeds from planned asset sales ($125 million in 1Q2016 plusanother $75 million within 12 months). Despite the decline inEBITDA margins to roughly 25% for 2015 compared to 33% in 2013, weexpect the company to generate low single digit percentage freecash flow-to debt in 2015 improving to the mid single digitpercentage range in 2016. Management is intent on turning aroundperformance and has hired numerous executives with experience inbusinesses Cumulus has targeted for growth. Ratings are supportedby Cumulus' national scale and our expectation that revenue willstabilize in 2016 as increased demand for political advertising inthe second half of 2016, an election year, and incremental salesfrom newer revenue streams (sports businesses including the NFL andNASH country music initiatives) offset flat to low single digitpercentage declines in core time sales. Management is committed todebt repayment and has repaid more than $500 million of debt andpreferred stock since the Citadel acquisition at the end of 2011.Lower leverage will provide some financial flexibility andpartially offset risks related to the maturing demand for radioadvertising, media fragmentation and potential for increasedcompetition within its markets. Management stated its targetreported gross debt-to-EBITDA leverage is 4.0x or better and weexpect the company will apply most of its free cash flow to repaydebt until leverage comes closer to this target. After which,Cumulus may look to fund dividends from a portion of free cashflow, step up investments in organic growth, or fund tuck-inacquisitions.

The stable outlook reflects Moody's expectations for Cumulus toachieve generally flat revenue growth over the next 18 months aspolitical ad demand in 2016 and improved network results add toflat to low single digit percentage declines in core time sales.The outlook incorporates an improvement in leverage and coverageratios as free cash flow and asset sale proceeds (roughly $200million) are applied to reduce debt balances. The outlook does notinclude debt financed acquisitions or distributions. Ratings couldbe downgraded if we expect debt-to-EBITDA will be sustained above8.0x (including Moody's standard adjustments) after the sale ofreal estate in LA (expected 1Q2016) due to deterioration inperformance as a result of increased competition or weak ad demandin key markets, or audience and advertising revenue migration tocompeting media platforms. Deterioration in liquidity could alsoresult in a downgrade. We could consider an upgrade of ratings ifthe company sustains leverage under 6.5x (including Moody'sstandard adjustments) with expectations for stable operatingperformance. Liquidity would also need to be good with improvedavailability under the company's committed revolver facilities andfree cash flow-to-debt in the high single digit percentage range.The company is not able to draw under the revolver as reported 1stlien net leverage of 6.3x as of June 30, 2015 exceeds the 5.5xtest.

Headquartered in Atlanta, GA, Cumulus Media Inc. is the largestpure-play radio broadcaster in the U.S. with roughly 460 stationsin 90 markets, a nationwide network serving approximately 8,500broadcast affiliates and numerous digital channels. Cumulus ispublicly traded with Crestview Radio Investors, LLC owning anestimated 27% interest. The Dickey family owns roughly 5.1% withAres Management and Neuberger Berman LLC each owning roughly 4.9%with the remainder being widely held. The company reported $1.1billion of net revenue for LTM June 30, 2015.

Texas, acquired in March 2013 (this facility currently provides emergency care but offers no inpatient services); and

-- 12-licensed-bed Parkway surgical and cardiovascular hospital

that Wise opened in May 2014 in north Fort Worth.

In addition to the hospitals, Wise has eight primary/specialtyclinics, six imaging centers, three bariatric surgery programoffices, and dialysis and physical therapy centers located ingrowing population areas on the west side of the Dallas-Fort Worthmetroplex.

The Plan provides for the resolution of Claims against and EquityInterests in the Debtors and implements a Distribution schemederived from the effectuated Sale of the Debtors' Asset to theBuyer. In concert with the First Lien Agent and the Committee, theDebtors have designed a structure whereby Administrative Claims andPriority Claims will be satisfied, the First Lien Lenders willreceive the Class 3.1 Recoveries, and the Plan Trust will becreated to provide meaningful recoveries to the Debtors' Creditors. Finally, the Plan provides for the wind down of the Debtors in anorderly and cost efficient manner.

The Plan provides that Claims will be satisfied through eitherDistributions from reserves out of the Sale Proceeds orDistributions from the liquidation of Plan Trust Assets. The PlanTrust will be managed by the Plan Trustee, subject to oversight bythe Oversight Committee. The Plan Trustee will be responsible for,among other things, the Distribution of proceeds of the liquidationof the Plan Trust Assets.

On the Effective Date under the Plan, the Debtors will (i) enterinto the Plan Trust Agreement with the Plan Trustee, and (ii)transfer and convey the Plan Trust Assets to the Plan Trust. ThePlan Trust Assets include all of the Estate Property except for theAdministrative and Priority Claim Reserve, the ProfessionalCompensation Claim Reserve, the Lien Reserve, the Remaining Assets,and the Net Sale Proceeds. On the Effective Date, the RemainingAssets will vest in the Reorganized Debtors. On the EffectiveDate, the New Equity Interest in the Reorganized Debtors will beissued to the Plan Trustee, free and clear of all Liens, Claims,interests and encumbrances.

Distribution of the Plan Trust Assets will be accomplished throughoperation of the Plan Trust. The general purpose of the Plan Trustis to provide a mechanism for the disposition of the Plan TrustAssets, and to distribute the proceeds of such assets, net of allexpenses, charges, liabilities, and obligations of the Plan Trust,to the holders of Beneficial Interests in accordance with the termsof the Plan. The Plan Trust will not conduct or engage in anytrade or business activities, other than those associated with orrelated to the Plan Trust Assets and the distributions to theBeneficiaries.

Dune Energy, Inc. (OTCMKTS: DUNR) is an independent energy companybased in Houston, Texas. Since May 2004, the Company has beenengaged in the exploration, development, acquisition andexploitation of natural gas and crude oil properties, withinterests along the Louisiana/Texas Gulf Coast. The Company'sproperties cover over 90,000 gross acres across 27 producing oiland natural gas fields.

The Debtors listed $229 million in total assets and $144 millionin total debts as of Sept. 30, 2014. In their schedules, DuneEnergy Inc., et al., disclosed $263,337,172 in assets and $107,981,306 in liabilities.

The U.S. trustee overseeing the Chapter 11 case of Dune Energyappointed three creditors to serve on the official committee ofunsecured creditors. The Committee is represented by Hugh M.Ray, Esq., at McKool Smith, P.C.

E*TRADE FIN'L: Credit Profile Affected by Response to Challenges----------------------------------------------------------------E*TRADE's progress in reconstructing its balance sheet hassubstantially improved the company's key financial metrics, puttingit in a position to place more focus on developing its strategicprofile in the retail brokerage market and leaving open questionsfor the company and its creditors, said Moody's Investors Service.

In a new report, Moody's said E*TRADE's plans to eliminate theentirety of its $4.4 billion of legacy wholesale fundingobligations by the end of Q3 2015 would significantly reduce itsannual operating interest expense and further improve its creditprofile.

"E*TRADE's plans to eliminate all of its wholesale fundingobligations is another example of the company's credit-positivecapital utilization decisions, since it removes reliance onexpensive and confidence-sensitive short-term repurchase (repo)funding" said Moody's Vice President Donald Robertson. "The companycontinues to make steady progress in improving its balance sheetand earnings from its core retail brokerage franchise."

Following E*TRADE's announcement of its plans on September 8,Moody's placed the ratings of E*TRADE Financial Corporation(E*TRADE) (Ba2 senior unsecured) and the long-term ratings ofE*TRADE Bank (Baa2 deposits) on review for upgrade, and affirmedE*TRADE Bank's Prime-2 short-term deposit rating.

Moody's said its consideration of the company's positivedevelopments and credit challenges could result in an upgrade ofits senior unsecured and issuer ratings of up to two notches intoinvestment grade status. However, Moody's said that its reviewwould incorporate several strategic considerations beyond E*TRADE'sfinancial metrics.

"Now that E*TRADE has mitigated much of its legacy risk, there maybe more calls from shareholders for the company to close theearnings gap with competitors in the retail brokerage space,especially Charles Schwab and TD Ameritrade," said Robertson. "Aspart of our evaluation, we'll be looking closely at management'soptions in responding to these challenges."

Moody's said that E*TRADE's traditional focus on self-directedelectronic retail trading would make it hard for the company toproduce strong organic growth in recurring fee-based revenues. Inaddition, the report notes that the company continues to face heavycompetition in its commission-based trading activities.

"Should emphasis on growth and increased profitability causeE*TRADE to move into areas of increased risk, such as debt-fundedM&A activity, that could be negative to its creditors," saidRobertson. "The company's plans on the timing and magnitude ofshareholder distributions are also an important part of its creditprofile."

ENDEAVOUR INT'L: Wants Ch 11 Case Dismissed by End of October-------------------------------------------------------------Endeavour Operating Corp. said that dismissing its Chapter 11bankruptcy case by the end of October 2015 would bring an"efficient, timely and economical" resolution by providing for anorderly wind-down.

The Company said in court filings that none of its creditors wouldbenefit from having its bankruptcy converted to Chapter 7 as itsofficial committee of unsecured creditor wants.

About Endeavour International

Houston, Texas-based Endeavour International Corporation (OTC:ENDRQ) (LSE: ENDV) is an oil and gas exploration and productioncompany focused on the acquisition, exploration and development ofenergy reserves in the North Sea and the United States.

The Amended Plan, dated Dec. 19, 2014, provides that it issupported by creditors who collectively hold 82.99% of the March2018 Notes Claims (Class 3), 70.88% of the June 2018 Notes Claims(Class 4), 99.75% of the 7.5% Convertible Bonds Claims (Class 5),and 69.08% of the Convertible Notes Claims (Class 6). The AmendedPlan also provides that holders of general unsecured claims willrecover an estimated 15% of the total claims amount, which isestimated to be $6,000,000.

The hearing to consider confirmation of the Amended Joint Plan ofReorganization, dated Dec. 23, 2014, of Endeavour OperatingCorporation and its affiliated debtors, including EndeavourInternational Corporation, has been adjourned to a date to bedetermined.

On April 29, 2015, the Debtor announced that, as a result of recentdeclines in oil and gas prices, the Company withdrew the proposedPlan.

The trustee's objection to EFH's plan support agreement accompanieda filing critical of the Texas-based electricity giant's Chapter 11disclosure statement, saying the filing lacks adequate informationabout fees for professionals, a post-bankruptcy managementincentive program and other details of the costs.

About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is aprivately held diversified energy holding company with a portfolioof competitive and regulated energy businesses in Texas. Oncor,an 80 percent-owned entity within the EFH group, is the largestregulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million deliverypoints in and around Dallas-Fort Worth. EFH Corp. was created inOctober 2007 in a $45 billion leverage buyout of Texas powercompany TXU in a deal led by private-equity companies KohlbergKravis Roberts & Co. and TPG Inc.

An Official Committee of Unsecured Creditors has been appointed inthe case. The Committee represents the interests of the unsecuredcreditors of ONLY of Energy Future Competitive Holdings CompanyLLC; EFCH's direct subsidiary, Texas Competitive Electric HoldingsCompany LLC; and EFH Corporate Services Company, and of no otherdebtors. The Committee has selected Morrison & Foerster LLP andPolsinelli PC for representation in this high-profile energyrestructuring. The lawyers working on the case are James M. Peck,Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., atMorrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., atPolsinelli PC.

FLEXERA SOFTWARE: $45MM Debt Increase No Impact on Moody's CFR--------------------------------------------------------------Moody's Investor Service said Flexera Software LLC's B2 CorporateFamily Rating ("CFR") and stable outlook are not affected by anapproximate $45 million increase in debt incurred to acquire"Secunia". All other ratings for Flexera are unchanged too,including the B2-PD Probability of Default rating and existing debtinstrument ratings.

"Three years post-dissolution, the administrative risks related tothe payment of debt service have significantly lessened, so we arenow placing greater weight on the fundamental project areacharacteristics and some of the positive features of thedissolution legislation, including the closed lien status of thedebt and the availability of the 20% of tax increment (TI) revenuespreviously restricted for use on affordable housing to pay debtservice."

SUMMARY RATING RATIONALE

Moody's said, "The upgrade to A2 takes into account high debtservice coverage, moderate sized incremental assessed value whichhas displayed a healthy growth trend over the last few years,strong ratio of incremental AV to total AV that minimizes revenuevolatility, and the above average socioeconomic profile of arearesidents. The rating also incorporates the high taxpayerconcentration in the mostly industrial and commercial project areaand small geographical size of the project area. Additionally, therating reflects the presence of a cash funded debt service reservewhich will be utilized for the last debt service payment at thebeginning of 2016. While we recognize the short time to maturity,our analysis still takes into account long-term fundamental creditfactors."

"The rating factors in the SA's successful adaptation to postdissolution processes and administrative procedures and ourgenerally overall positive assessment of the implementation of thelegislation that dissolved redevelopment agencies (RDAs) by mostsuccessor agencies over the last three years, leading to timelypayment of debt service on California TABs.

"In 2012, state legislation dissolved all California RDAs,replacing them with "successor agencies" to serve as fiduciaryagents. Dissolution effectively changed the flow of funds andprocesses around the payment of debt service on TABs. Tax incrementrevenue is placed in trust with the county auditor-controller, whomakes semi-annual distributions of funds sufficient to pay debtservice on TABs and other "enforceable obligations" approved by thestate."

OUTLOOK

Outlooks are generally not applicable for local government creditsof this size.

WHAT COULD MAKE THE RATING GO UP

-- An upgrade is unlikely due to the short time to maturity for the bonds

WHAT COULD MAKE THE RATING GO DOWN

-- While unlikely due to the short time to maturity of the bonds, any additional legislative or administrative changes that create uncertainty as to the timely payment of debt service

OBLIGOR PROFILE

The Successor Agency to the Fountain Valley Agency for CommunityDevelopment is a separate legal entity from the City of FountainValley. The SA is responsible for winding down the operations ofthe former RDA, making payments on state-approved "enforceableobligations" and liquidating any unencumbered assets to bedistributed to other local taxing entities.

LEGAL SECURITY

The legal security for bonds is tax increment revenue from theproject area net of housing set asides and senior pass-throughpayments.

While not legally pledged, the dissolution laws permit TAB debtservice to be paid from tax increment revenues deposited in theSA's Redevelopment Property Tax Trust Fund (RPTTF), less amountsdisbursed for pass-through payments and certain administrativecharges. This includes the 20% of tax increment revenue previouslyconsidered restricted housing set aside.

FOURTH QUARTER: Court Okays Jackson Hole as Real Estate Broker--------------------------------------------------------------Fourth Quarter Properties 86, LLC sought and obtained permissionfrom the Hon. W. Homer Drake of the U.S. Bankruptcy Court for theNorthern District of Georgia to employ Jackson Hole Real EstateAssociates, LLC as real estate broker for the Debtor in itsproposed sale of Little Jennie Ranch located in Sublette County,Wyoming (the "Property").

Jackson Hole's primary role in this case would be to assist theDebtor in selling the Property from Aug. 7, 2015 to Aug. 8, 2016.

Jackson Hole will receive a 4.5% commission for selling theProperty and requires the Debtor to pay limited marketing costs asthey occur for a total of $9,250. Upon successful closing, themarketing costs will be refunded back to the Debtor.

Richard Lewis of Jackson Hole assured the Court that the firm is a"disinterested person" as the term is defined in Section 101(14) ofthe Bankruptcy Code and does not represent any interest adverse tothe Debtors and their estates.

The Plan is a liquidating chapter 11 plan. The funds required forimplementation of the Plan and repayment of the DIP financing willbe generated from operating the cattle ranch and proceeds of thesale of personal property, and funds required the distributionshereunder shall be provided from the proceeds of the sale of theReal Property and Personal Property of the Debtor.

The Plan designates six Classes of Claims and one Class of EquityInterests. These Classes take into account the differing natureand priority under the Bankruptcy Code of the various Claims andInterests. A Claim or Interest will be deemed classified in aparticular Class only to the extent that the Claim or Interestqualifies within the description of that Class, and will be deemedclassified in a different Class to the extent that any remainder ofsuch Claim or Interest qualifies within the description of suchdifferent Class. A Claim or Interest is in a particular Class onlyto the extent that such Claim or Interest is allowed in that Classand has not been paid or otherwise settled prior to the EffectiveDate. To the extent that the holders of any Allowed Claims orInterests object to Debtor’s classification scheme, suchobjections will be considered at the Confirmation Hearing, and, ifsustained, the classifications outlined below will be deemedmodified in accordance with any order sustaining such objections.

Any Class of Claims that, as of the date of the commencement of theConfirmation Hearing, contains no Allowed Claims will be deemeddeleted from the Plan for purposes of determining acceptance orrejection of the Plan by such Class under Section 1129(a)(8) of theBankruptcy Code.

The Debtor is represented by Ward Stone, Jr., Esq., at Stone &Baxter LLP, in Macon, Georgia.

The Debtor disclosed $49,124,608 in assets and $75,377,946 inliabilities in its schedules.

FRESNO, CA: Moody's Hikes 2004/2008/2009 Bonds Rating to Ba1------------------------------------------------------------Moody's Investors Service has upgraded the City of Fresno'sGOULT-equivalent rating (otherwise known as the "issuer" rating) toA3 from Baa1. "In addition, we have also upgraded the followinglease-backed obligations by one notch to Ba1 from Ba2: Series 2004A & C, Series 2008 A, C, E, F and Series 2009A. We have alsoupgraded to Ba2 from Ba3 the ratings on the city's 2006A ConventionCenter bonds, 2002 Pension Obligation Bonds and 2002 JudgmentObligation Bonds. Approximately $306 million in rated debt isaffected by these rating actions," Moody's said.

"We have revised the outlook on the city's issuer rating to stablefrom positive. The outlook on the city's other obligations ispositive," according to Moody's.

SUMMARY RATING RATIONALE

The rating upgrades reflect improvement in the city's fundamentaleconomic profile, with recent growth in taxable property values,sales tax collections and employment. The city's strengthenedcredit also reflects consecutive operating surpluses in fiscal 2014and 2015; the elimination of deficit available General Fundbalances; repayment of inter-fund borrowing; and sound managementpractices that have guided the city through the adoption of updatedzoning laws and economic development objectives, a revised reservepolicy and a favorable settlement with the police union.

The A3 issuer rating represents what the city's general obligationbond rating would be if the city had outstanding GO debt. UnderCalifornia law, a city's GO pledge is an unlimited ad valorempledge of the city's tax base. The city must raise property taxesby whatever amount necessary to repay the obligation, irrespectiveof its underlying financial position.

The Ba1 rating on most of the city's lease secured obligationsreflects the significantly weaker security of these obligationscompared to general obligation pledges in California. The fournotch distinction between Fresno's issuer rating and the ratings onthese lease-secured obligations reflect the city's relatively weakfinancial position, the above average burden of these obligationson the city's finances and continued weakness of the city'seconomy. The Ba2 rating on the 2006A convention center bondsreflects the lesser essentiality of the leased assets relative tothe leased assets for those obligations rated Ba1. The Ba2 ratingon the pension and judgment obligations incorporates the weakcredit factors mentioned above and the additional weaknessresulting from the absence of assets securing these obligations.

OUTLOOK

The positive outlooks assigned to the city's lease revenue, pensionand judgment bonds reflect Moody's expectation that key fundamentalcredit factors undergird the city's ratings at potentially higherlevels should current trends continue. Audited fiscal 2015 resultsthat are in line with projections and continued economic growthwill both represent critical factors in future reviews.

WHAT COULD MAKE THE RATING GO UP

-- Operating surpluses in line with expectations for fiscal 2015 and budgeted 2016 figures

-- Continued progress in meeting the city's reserve targets

-- Final settlement with the fire union that will enhance predictability of future expenditure requirements

-- Declines in employment or agricultural production driven by the drought

OBLIGOR PROFILE

Fresno is California's fifth largest city by population (515,609)and the economic center of the San Joaquin Valley, one of the mostproductive agricultural centers in the U.S.

LEGAL SECURITY

Fresno's lease revenue bonds are secured by lease payments subjectto annual appropriation and abatement. The pension and judgmentbonds are an unconditional obligation of the city, and payment ofdebt service is not limited to any special source of city funds.The pension bonds are additionally secured by a tax levy limited to$0.32438 per $100 of assessed valuation. The tax levy currentlycovers close to 60% of annual debt service payments, although thisfigure is expected to increase over time with tax base growth andgiven the level debt service structure of the pension bonds.

GLOBAL MARITIME: Files for Chapter 11 to Wind Down Operations-------------------------------------------------------------Global Maritime Investments Cyprus Limited and four of itsaffiliates have sought Chapter 11 bankruptcy protection due to "anextraordinary downturn" in dry bulk shipping industry over the pastthree years.

The Debtors filed the Chapter 11 cases in New York to wind downtheir businesses and operations and liquidate their assets in anorderly fashion.

Global Maritime, et al., are engaged in three segments of the drybulk shipping markets, utilizing Freight Forward Agreements,physical "trading" or supplying of ships for hire, and managementof a dry bulk shipping pool on behalf of ships owned directly orindirectly by the Debtors, as well as for third party owners.

In 2011 and 2012, the Debtors employed a fleet of over 60 vesselsoffered for hire. As of the Petition Date, the Debtors only have15 ships in their fleet.

"The dry bulk shipping market ... has been especially hard hit byeconomic downturn," says Justin Knowles, chief restructuringofficer of the Debtors. "Although charter rates were at recordlevels in 2007 and 2008, charter rates in recent years in manysectors of the shipping industry have plummeted to decade-lowlevels as a result of an excess supply of ships," he adds.

In each of 2012, 2013, and 2014, the Debtors incurred net losses of$93 million, $7 million, and $47.8 million, respectively. Despiteefforts to restructure their debt, in fiscal year 2015, the Debtorsposted a net loss of $67.6 million.

Under the pressure of extremely low charter rates for theirvessels, the Debtors have faced liquidity in servicing their debtand funding their operating expenses.

Last month, Francolin, a lender under a credit agreement dated Nov.1, 2014, notified Global Maritime of its decision not to providefurther funding under the Credit Facility based on, among otherthings, the existence of events of defaults. As of the PetitionDate, $32,616,184 principal amount is outstanding under the CreditFacility plus accrued and unpaid interest.

The Debtors have no secured debt, other than the possibility ofmaritime liens, and a relatively small amount of trade debt. Asubstantial majority of the Debtors' liabilities -- in excess of$169 million -- consisted of funded debt.

As of the Petition Date, the Debtors have $59,000 in cash, $2.6million in accounts receivable and an undetermined amount ofinvestment in GMI Panamax Pool Limited.

The Debtors have been involved in litigation in the United StatesDistrict Courts for the Southern District of New York and SouthernDistrict of Texas both as either plaintiff or defendant.

To minimize disruption to their international operations andpreserve the value of their businesses, the Debtors have filed withthe Court certain "first day" motions seeking, among other things:(a) joint administration of their cases, (b) permission to obtainpost-petition financing, (c) permission to pay foreign and criticalvendors, and (d) permission to continue using existing cashmanagement system.

At the same time, Standard & Poor's lowered its issue-level ratingon the company's C$125 million senior secured second-lien notes to'CC' from 'CCC+' and revised its recovery rating on the debt to '6'from '5'. A '6' recovery rating reflects S&P's expectation ofnegligible (0%-10%) recovery in a default scenario.

S&P also revised its liquidity score to "weak" from "less thanadequate," reflecting potential covenant restrictions and weak cashflow through the seasonally important second quarter of 2015.

S&P's 'CCC' rating incorporates its view that it is likely thatGolfsmith will default without an unforeseen positive development,such as liquidity support and covenant relief, along with improvedearnings prospects after several years of weak sales anddeteriorating margins.

Golfsmith is indirectly majority-owned by OMERS AdministrationCorp., the pension system for Ontario's municipal employees, withthe remainder held by current and former members of management.

S&P could lower the rating if the company is unable to make aninterest payment or breaches a financial covenant.

S&P could revise the outlook to stable if Golfsmith receivesexternal support that alleviates its near-term liquidity concerns.

GRASS VALLEY: Court Approves Durham Jones as Special Counsel------------------------------------------------------------The Hon. R. Kimball Mosier of the U.S. Bankruptcy Court for theDistrict of Utah authorized Grass Valley Holdings LP to employDurham Jones & Pinegar as its special counsel.

The Debtor related it was one of several defendants in a lawsuitcommenced in February 2013 by Garth O. Green Enterprises in FourthDistrict Court for Utah County, Utah, case No. 130400184 ("GreenEnterprises Lawsuit"). The original defendants in the GreenEnterprises Lawsuit were Debtor Grass Valley Holdings, LP, RandallHarward, Richard Harward, and Harward Irrigation Systems, Inc., theDebtor noted.

The firm will represent the Debtor with respect to the GreenEnterprises Lawsuit and related proceedings concerning theestimation or allowance of claims asserted against the Debtor inthe Green Enterprises Lawsuit and related matters, and inconnection with a Adv. No. (15-02141), and (15-02141), a lawsuitcommenced by the Debtor in the Fourth District Court, Utah County,State of Utah as Case No. 159402466, entitled Grass ValleyHoldings, LP v. Bitner, and the claims asserted therein.

The Debtor noted, as of the petition date, it owed the firm $25,000for legal services related to the Green Enterprises Lawsuit.

Evan A. Schmutz, Esq., shareholder of the firm, assured the Courtthat the firm is a "disinterested person" within the meaning ofSection 101(14) of the Bankruptcy Code.

GRASS VALLEY: Names Squire & Company as Accountant--------------------------------------------------The Hon. R. Kimball Mosier of the U.S. Bankruptcy Court for theDistrict of Utah authorized Grass Valley Holdings LP to employShane D. Wood and Squire & Company PC as its accountant for theestate.

The Debtor told the Court that it needs accounting services inorder to be able to complete its tax filings in a timely manner andat a reasonable cost to the estate.

The firm's normal for entry level professional is $105 per hour andpartners is $225 per hour. The Debtor said the firm had anunsecured claim against it in the amount of $16,298, and the firmhas agreed to waive its claims against the bankruptcy estate.

Shane D. Wood, a certified public accountant of the firm, assuredthe Court that the firm is a "disinterested person" within themeaning of Section 101(14) of the Bankruptcy Code.

The firm is expected to testify in the Court with respect to thevalue of the Debtor's properties as necessary. Additionally, thefirm will perform appraisal services with respect to the commercialreal property owned by the Debtor in Springville, Utah. The Debtorinformed the Court that Valbridge Property Advisors | Free andAssociates Inc. prepared an appraisal of the Spanish Fork Propertyfor Central Bank in approximately 2010.

The Debtor will pay Stan Craft and Valbridge Property Advisors |Free and Associates Inc. $4,400 upon completion of the appraisal ofthe Spanish Fork Property and the Lehi Property.

Stan Craft, certified appraise of the firm, assured the Court thatthe firm is a "disinterested person" within the meaning of Section101(14) of the Bankruptcy Code.

HAGGEN HOLDINGS: Court Orders Joint Administration of Cases-----------------------------------------------------------Judge Kevin Gross of the U.S. Bankruptcy Court for the District ofDelaware has entered an order directing the consolidation and jointadministration, for procedural purposes only, of the cases ofHaggen Holdings, LLC, Haggen Operations Holdings, LLC, Haggen OpcoSouth, LLC, Haggen Opco North, LLC, Haggen Acquisition, LLC andHaggen, Inc., under Lead Case No. 15-11874. The Clerk of the Courtis directed to maintain one file and one docket for all of theDebtors' cases.

In addition to significant challenges from competition from otherfuel suppliers, the Debtor said it also faces additional potentialliabilities, including those relating to environmental complianceand remediation obligations and pending and potential lawsuits.

Hovensa idled some of its refinery operations in 2011 and itsremaining refinery operations in February 2012, terminating closeto 300 employees (including independent contractors). Hovensacontinued to operate its facility solely as an oil storageterminal.

The Debtor believes that the marketing and sale process for itsassets is the only and best path forward. To this end, the Debtorentered into a definitive stalking horse asset purchase agreementwith Limetree Bay Holdings, LLC, pursuant to which Limetree willacquire the Debtor's assets for $184 million, subjec to higher andbetter bids.

"If consummated, the sale transaction with the Stalking HorseBidder . . . will generate proceeds sufficient to pay in full incash the $40 million secured claim asserted by the Government ofthe Virgin Islands in connection with certain prepetitionlitigation regarding alleged environmental liability," says ThomasE. Hill, proposed chief restructuring officer of the Debtor.

As of the Petition Date, the Debtor has approximately $750,000 incash on hand. Hovensa has no outstanding secured or unsecuredfunded debt, other than with respect to the promissory noteobligations, and does not have a credit facility with any lender.

Hovensa is a joint venture between Hess Oil Virgin IslandsCorporation, a subsidiary of Hess Corporation, and PDVSA V.I., Inc. HOVIC and PDV-VI have agreed to provide the Debtor with $40million of additional liquidity through a debtor-in-possessionfinancing facility.

DPNR Settlement

Hovensa became subject to a lawsuit initiated by the Virgin IslandsDepartment of Planning and Natural Resources on May 5, 2005, whichalleged that HOVIC's and Hovensa's operations at the refinerycontaminated and injured the public's natural resources, the marineenvironment, plant life, and wildlife. The DPNR sought damages,the reimbursement of costs associated with the government'sinvestigation and litigation, and the performance of environmentalcleanup and remediation.

Following extensive litigation, in which a number of the DPNR'sclaims were dismissed, Hovensa decided that despite its view thatthe remaining claims were without merit, it needed to settle theDPNR Litigation in order to allow it to pursue a marketing and saleprocess free from the overhang of litigation. Accordingly, on May28, 2014, in anticipation of a sale, HOVIC and Hovensa entered intoa settlement agreement with the DPNR, pursuant to which Hovensaagreed to pay the GVI $43.5 million in settlement of the purported$800 million in claims raised by the DPNR complaint.

Hovensa paid $3.5 million of the settlement amount immediately uponthe execution of the DPNR Settlement Agreement. The remaining $40million obligation remains outstanding as of the bankruptcy filingdate. Pursuant to the DPNR Settlement Agreement, in considerationfor Hovensa's agreement to pay $43.5 million to the GVI and togrant a first priority lien on certain of its assets, the GVIreleased HOVIC, Hovensa, and related parties from all claimsasserted in the DPNR Litigation and associated litigation costs.

Hovensa expected that it would be able to pay the remaining $40million payment in respect of the DPNR Settlement Agreement by Dec.31, 2014, in connection with a sale transaction with Atlantic BasinRefining. However, when the ABR Sale Transaction was rejected bythe USVI Senate, Hovensa was unable to make the additional paymentby that date.

On Jan. 26, 2015, the GVI commenced a Superior Court foreclosureaction to collect the $40 million payment under the DPNR SettlementAgreement, despite the USVI Senate's decision to reject the ABROperating Agreement that would have funded the payment. On March17, 2015, Hovensas filed an answer to the GVI's complaint. As ofthe Petition Date, the Foreclosure Action remains in itspreliminary stages.

The Honorable Douglas A. Brady, presiding over the ForeclosureAction, has issued, sua sponte, an order requiring Hovensa and theGVI to meet and confer on a discovery schedule to be put into placeby Sept. 30, 2015.

Sale Agreement

Beginning in November 2013, Hovensa and its professional advisorsengaged in an extensive marketing and sale process to find apurchaser for all of its assets.

Nearly a year after the failed ABR Sale Transaction, the Debtorultimately entered into the APA with Limetree, an affiliate ofArcLight Capital Partners, LLC.

Under the APA, the Debtor has agreed to sell, subject to higher andbetter offers and approval of the Court, certain assets, includingall of its oil storage terminal assets, for a purchase price of$184 million.

Simultaneously with the commencement of the chapter 11 case, theDebtor has filed a motion seeking approval of bidding procedurespursuant to which a competitive sale process will take place. Bythis process, the Debtor will solicit bids for the sale of the itsassets.

Amanda Rayborn at Platts, citing people familiar with the matter,says Limetree Bay wants to scrap plans to operate the complex as arefinery and instead reboot it as a storage facility with 15million barrels of operable capacity.

"Other parties will have the opportunity to submit competing offersfor Hovensa's assets . . . and a federal judge will ensure that the'highest and best' offer is approved," Platts quoted the Company assaying.

Citing the Company, Lauren Baccus and Stephanie Hanlon-Nugent atSt. Croix Source report that proceeds from any sale will be used torepay creditors, and the the U.S. Virgin Islands -- owed at $40million -- will be the first creditor paid.

Gov. Kenneth Mapp insists that the government is owed a total of$92 million and hopes that through the lawsuit, the governmentwould get $1.5 billion in damages for the territory in addition tothe sale of the terminal, St. Croix Source says.

The sale, according to St. Croix Source, hinges on the approval ofan operating accord with the V.I. government, and then approval ofthat agreement by the V.I. Senate and the Bankruptcy Court.

As reported by the Troubled Company Reporter on Sept. 16, 2015,citing an Associated Press article, the V.I. Government sued theCompany for more than $1 billion, alleging that the Companyabandoned a massive oil refinery it had pledged to run through theyear 2022. The complaint alleged that Hess conspired to strip thefacility's assets in order to leave the government with claimsagainst a broke, polluted and inoperable refinery, the reportfurther noted.

First Day Motions

To enable the Debtor to achieve its objectives in this chapter 11case, the Debtor is seeking approval to:

(a) obtain post-petition financing;

(b) use existing cash management system;

(c) pay critical vendor claims;

(d) honor employee obligations;

(e) prohibit utility providers from discontinuing services; and

(f) extend time to file Schedules and Statements.

A copy of the declaration filed in support of the First Day Motionsis available for free at:

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.Bankruptcy Court for the District of the Virgin Islands (Bankr. D.V.I. Case No. 15-10003) on Sept. 15, 2015. The petition was signedby Sloan Schoyer as authorized signatory. The Debtor has estimatedassets of $100 million to $500 million, and liabilities of morethan $1 billion.

The actions follow the refinancing of Impax's $435 million seniorsecured term loan on June 30, 2015 with $600 million of unsecuredconvertible notes. As a result of the changes to the capitalstructure, Moody's also upgraded the Probability of Default Ratingto B1-PD from B2-PD.

Moody's also raised the Speculative Grade Liquidity Rating to SGL-1from SGL-2, signifying very good liquidity. The improvement inliquidity stems from Impax's strong cash position ($190 million atJune 30) and Moody's greater confidence in free cash flowgeneration following the lifting of the FDA Warning Letter on theHayward, California manufacturing facility and the approval ofRytary (a branded drug to treat Parkinson's Disease) earlier in2015. The improvement also reflects the larger sized revolvingcredit facility (which we expect to remain undrawn except foracquisitions), the loosening of Impax's financial covenants inconnection with the refinancing and the greater flexibility to sellassets stemming from a largely all unsecured capital structure.

The ratings are supported by Impax's modest adjusted debt toEBITDA, which Moody's projects will be between 2.5x to 3.0x for theyear ending December 2015. The ratings are supported by therelatively good product diversity of Impax following theacquisition of CorePharma (which closed on March 9, 2015) as wellas the potential for strong revenue and earnings growth from keyproducts in its pipeline.

While not anticipated in the near-term because of the expectationfor more M&A activity, Moody's could upgrade the ratings if Impaxsuccessfully launches key products in its generic pipeline, and cansuccessfully market and grow Rytary. Further, if Moody's expectsthe company to maintain adjusted debt to EBITDA below 3.0x whilegenerating free cash flow to debt above 15%, the ratings could beupgraded.

Moody's could downgrade the ratings if the company experiencessignificant disruption to any of its key products, competitivepressures or pursues large debt-funded acquisitions such thatadjusted debt to EBITDA is expected to increase above 4.0x.

At the same time, S&P assigned a 'BB' issue-level rating and '3'recovery rating to IMPAX's $600 million convertible notes. The '3'recovery rating indicates expectations of meaningful (50% to 70%;at the higher end of the range) recovery in the event of adefault.

"The outlook revision to negative from stable reflects ourexpectation that leverage will be higher than our projected 2.5x to3.0x over the next year, and could remain elevated over the longerterm if the company fails to achieve our base-case expectations forsales and EBITDA growth or if it pursues significant debt-financedacquisitions that add limited EBITDA over the next few months,"said Standard & Poor's credit analyst Arthur Wong.

The ratings on IMPAX reflect the company's narrow brandedpharmaceutical portfolio as well as its limited scale and marketshare in the generic pharmaceutical industry. The company'sbranded specialty business focuses on treatments for the centralnervous system. IMPAX has successfully launched Rytary, itsextended-release capsule treatment for Parkinson's disease. Thedrug received U.S. Food and Drug Administration (FDA) approval inearly 2015 and is IMPAX's first internally developed branded drugto be approved.

The negative outlook reflects the possibility that leverage willremain at more than 3x due to EBITDA pressure from lacklusterproduct performance or acquisitions as the company seeks to growits portfolio and EBITDA.

A downgrade could occur if the company underperforms S&P'sbase-case expectation that Rytary will generate $60 million salesin 2016 and overall revenue will grow by at least 15% in 2016. This would result in leverage being sustained at more than 3x. Debt-financed acquisitions could also result in that level ofelevated leverage.

S&P could revise the outlook back to stable if the companygenerates sales growth and EBITDA that enables it to reduceleverage to 3x or less. In particular, this could occur if thecompany makes an acquisition with cash that is meaningfullyaccretive to EBITDA in the near term or if the company's revenuegrows at a high-teen percentage rate or more in 2016 because ofstronger-than-expected performance of Rytary and an expansion inmargins by at least 100 basis points. Given S&P's expectationsthat the company will likely remain acquisitive over the next year,a ratings upgrade is unlikely.

LEAP TRANSIT: Auctions Off Buses After Filing for Chapter 7-----------------------------------------------------------Joe Fitzgerald Rodriguez at San Francisco Examiner reports thatLeap Transit is auctioning off its remaining two buses. TheCompany filed for Chapter 7 liquidation on July 15, 2015,estimating its assets and liabilities at between $100,000 and$500,000 each, court documents say. Founder Kyle Kirchoff signedthe petition.

West Auctions: Commercial Auctions and Asset Services says thatbidding for the buses will be from Oct. 6 until Oct. 8, 2015. According to Examiner, the bids start at $5.

Biz Carson at Business Insider recalls that after suspending itsservice in May 2015, it put two of its buses up for auction in Juneand auctioned off more buses in July.

Leap Transit is a private transit service in San Francisco. It rantech-friendly luxury buses.

The lawsuit was filed Sept. 11 in the U.S. Bankruptcy Court for theNorthern District of Texas - Fort Worth Division. The suit saysMr. Pardo operated his company in such a way as to build maximumtrust from investors while systematically lying to and misleadingthem to generate as much profit as possible for Life Partners,himself, and his family.

"My investigation into the business practices of Life Partnersclearly shows investors were misled at every turn -- in marketing,in life expectancy information, and in communications from LifePartners and its Licensees after their money was invested," saidMr. Moran. "The suit seeks to recover the substantial lossesincurred by investors as a result of the wide-ranging, fraudulentscheme led and perpetrated by Mr. Pardo."

The suit outlines that from about 2007 until 2015, Mr. Pardo andothers marketed fractional interests in life insurance policiespurchased by Life Partners to retail investors by utilizing asignificantly underestimated life expectancy ("LE") of the insured,which was prepared at the direction of Mr. Pardo. In the marketingof these fractional interests, Mr. Pardo and others concealed thefacts that (i) industry standard LE estimates predicted the insuredwould likely live longer than the shortened LE estimates given toinvestors; and (ii) Mr. Pardo and his sales team were receivinglarge and excessive commissions, at times exceeding the actualpurchase price of the policies.

In addition, Mr. Pardo used the Life Partners business to line hisand his family's pockets. Millions of dollars of dividends andprofits from the business were paid, at Mr. Pardo's direction, tohimself, his family, and other insiders and affiliates during thecourse of this fraudulent scheme. The money was derived almostentirely from undisclosed fees paid to Life Partners when contractpositions in the proceeds of life insurance policies were sold.

Headquartered in Waco, Texas, Life Partners Holdings, Inc. --http://www.lphi.com/-- is the parent company engaged in the secondary market for life insurance, commonly called "lifesettlements." Since its incorporation in 1991, Life Partners,Inc., has completed over 162,000 transactions for its worldwideclient base of over 30,000 high net worth individuals andinstitutions in connection with the purchase of over 6,500 policiestotaling over $3.2 billion in face value.

LPHI is a publicly traded company incorporated in Texas and itscommon stock has been delisted from the NASDAQ (formerly tradingunder the symbol LPHI).

The case is assigned to Judge Russell F. Nelms. J. Robert Forshey,Esq., at Forshey & Prostok, LLP, serves as counsel to the Debtor.

LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilitiesas of the Chapter 11 filing.

The official committee of unsecured creditors formed in the casetapped Munsch Hardt Kopf & Harr, P.C., as counsel.

Tracy A. Bolt of BDO USA, LLP, was named as examiner for theDebtor's case. At the behest of the U.S. Securities and ExchangeCommission, the U.S. Trustee, and the Creditors Committee, theCourt ordered the appointment of a Chapter 11 trustee. On March13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee inLPHI's case. The trustee is represented by Thompson & Knight LLP.

MALIBU ASSOCIATES: US Bank, US Trustee Object to Plan Disclosure----------------------------------------------------------------The U.S. Trustee filed an objection to the Disclosure Statementfiled by Malibu Associates, LLC.

Brian D. Fittipaldi, Esq., representing the U.S. Trustee, notesthat the Debtor seeks to give authority to the Reorganized Debtorto employ professionals and pay them without any further Courtorder. The UST is concerned that there would be no notice tointerested parties of professional employment, their rates, andaccumulating fees. The UST requests that the Debtor be required toprovide notice of any employment and proposed payments to thoseprofessionals.

In addition, the UST requests that the Debtor provide a numericalrendering of the Liquidation Analysis either in the text of theDisclosure Statement or attached as an exhibit.

The Debtor has subsequently agreed to all of the U.S. Trustee'srequested modifications to the Disclosure Statement. The Debtorwill make the changes/additions to the Disclosure Statement.

U.S. Bank Objects

Senior Secured Creditor U.S. Bank submits an objection to theDisclosure Statement regarding its Plan of Reorganization.

Joshua D. Wayser, Esq., representing U.S. Bank, tells the Courtthat the Debtor filed its second bankruptcy petition to stave off ascheduled trustee sale of the Property by senior secured lenderU.S. Bank. The Debtor then filed the Disclosure Statement and Planon the last day possible to avoid U.S. Bank from being grantedrelief from the automatic stay regarding the Property as a matterof right under the single asset rules. While the DisclosureStatement and Plan promise to pay all of the Debtor's securedcreditors in full through a future sale of the Property, it is anempty promise, as the Disclosure Statement and Plan fail to includean executed purchase agreement, fail to identify a buyer, and failto provide any evidence that suggests that Debtor could sell theProperty, which has been appraised at $16.9 million, for the over$50 million required to pay its secured creditors in full. This isall the more problematic given that Debtor has been attempting tosell the Property for a year before it filed this chapter 22, withno success, it has made no further progress during the four monthsit has been in this second bankruptcy, and it owes over $500,000 inproperty taxes that continue to accrue.

According to Mr. Wayser, the Plan is nothing more than anotherdelay tactic, further evidenced by Debtor's refusal to include adefinitive effective date so as to allow Debtor to remainindefinitely in bankruptcy while U.S. Bank's senior loan -- whichmatured almost one year ago -- remains unpaid, with not evenmonthly payments being made and no payments received at all sinceSeptember 2014. While U.S. Bank would be happy to be paid off infull through the sale of the Property, Debtor has admittedly triedand failed to do exactly this for the past year and a half. TheDisclosure Statement and Plan provide no evidence that such a salewill ever materialize.

Mr. Wayser submits that the Disclosure Statement fails to provideadequate information regarding the Plan, more specificallyregarding the proposed sale of the Property and the value of theProperty. And while U.S. Bank recognizes that confirmation issuesnormally are deferred while considering disclosure statements, theconfirmation issues here are glaring enough that the DisclosureStatement should not be approved. In particular, the Plan cannot beconfirmed as a matter of law, as (i) it is not feasible because itprovides no evidence that the proposed sale will ever occur, (ii)it impermissibly deprives U.S. Bank, as well as all other securedcreditors, a vote on the Plan even though U.S. Bank is impaired bythe proposed indefinite delay between the Plan's confirmation andits effective date, (iii) the Plan was not proposed in good faithand is simply the latest in a series of tactical delays,highlighted by Debtor's insistence upon an indefinite effectivedate, and (iv) the Plan is not in the best interest of thecreditors because there is no guaranty that the Property will eversell for the required price, while a chapter 7 liquidation wouldpromptly pay secured creditors.

Accordingly, Mr. Wayser concludes that the Disclosure Statement andPlan are premature and incomplete at best, and, given their timing,were more likely filed to stall U.S. Bank's collection on its loanby delaying this bankruptcy indefinitely.

Lindsey L. Smith, Esq., at Levene Neale Bender Rankin & Brill LLP,representing the Debtor, notes that he Bank makes two primaryarguments in the Opposition: (1) that the Disclosure Statement doesnot contain adequate information; and (2) that the Plan is patentlyunconfirmable. The Debtor believes the Disclosure Statement doescontain information which is adequate to enable a reasonablecreditor to make an informed judgment about whether to accept thePlan. However, to the extent that the Court determines that moreinformation and details are needed, the Debtor can easily amend theDisclosure Statement to provide the requisite information anddetails.

The Bank also argues, even though it admits that the proper contextfor consideration of plan confirmation issues is not at theDisclosure Statement approval phase, that the Plan is patentlyunconfirmable. The Debtor submits that all of the issues regardingthe confirmability of the Debtor's Plan can and should be dealtwith at the time of confirmation and not at this point in theprocess. Notwithstanding, the Debtor submits that the Plan is notpatently unconfirmable because it is feasible, properly classifiesthe Bank's claim as unimpaired, was filed in good faith andsatisfies the best interests of creditors.

About Malibu Associates

Headquartered in Malibu, California, Malibu Associates, LLC, ownsthe Malibu Golf Club. The club has a restaurant and clubhouse, inaddition to an 18-hole golf course, on its 650-acre property in the Santa Monica Mountains.

Malibu Associates sought Chapter 11 protection (Bankr. C.D. Cal.Case No. 15-10477) in Santa Barbara, California, on March 10,2015, disclosing $76.2 million in total assets and $47.8 million in total liabilities. Thomas Hix, managing member of the Debtor,signed the bankruptcy petition.

The Debtor owns real property located at 901 Encinal Canyon Road,Malibu, California. The property secures a $46.8 million debt toU.S. Bank, National Association, which is secured by a first deedof trust on the property. The Los Angeles County Treasurer andTax Collector is also owed $459,800, secured by a tax lien on theproperty.

The case is assigned to Judge Deborah J. Saltzman. David L.Neale, Esq., at Levene Neale Bender Rankin & Brill LLP, in LosAngeles, serves as counsel to the Debtor.

The Debtor previously sought bankruptcy protection on Nov. 3, 2009,in the Central District of California, San Fernando Valley Division(Case No. No. 9-24625). That case was assigned to the HonorableMaureen A. Tighe, but was later dismissed. The real property inMalibu was included in the prior filing.

An attorney for Molycorp told U.S. Bankruptcy Judge Christopher S.Sontchi the company had reached a resolution of objections to itsmotion to reject executory contracts by creditor Veolia Water NorthAmerica Operating Services LLC.

About Molycorp

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominentrare earth processing facilities around the world. It has aworkforce of 2,530 employees at locations on three continents. Molycorp's Mountain Pass Rare Earth Facility in San BernadinoCounty, California, is home to one of the world's largest andrichest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada andChina. CEO Geoffrey R. Bedford, and other senior managementmembers are located in Molycorp's corporate offices in Toronto,Canada. Other senior manageemnt members are located at its U.S.corporate headquarters in Greendwood Village, Colorado.

Molycorp reported a net loss of $623 million in 2014, a net loss of$377 million in 2013 and a net loss of $475 million in 2012.

As of March 31, 2015, the Company had $2.49 billion in totalassets, $1.78 billion in total liabilities and $709 million intotal stockholders' equity.

Molycorp and its North American subsidiaries, together with certainof its non-operating subsidiaries outside of North America, filedChapter 11 voluntary petitions in Delaware (Bankr. D. Del. LeadCase No. 15-11357) on June 25, 2015, after reaching agreement witha group of lenders on a financial restructuring. The Chapter 11cases of Molycorp and 20 affiliated debts are pending before JudgeChristopher S. Sontchi.

The agreement provides for a financial restructuring of theCompany's $1.7 billion in debt and provides up to $225 million ingross proceeds in new financing to support operations while theCompany completes negotiations with creditors.

The Company's operations outside of North America, with theexception of non-operating companies in Luxembourg and Barbados,are excluded from the filings. Molycorp Rare Metals (Oklahoma),LLC, with operations in Quapaw, Oklahoma, also is excluded from thefilings as it is not 100% owned by the Company.

Molycorp is being advised by the investment banking firm of MillerBuckfire & Co. and is receiving financial advice from AlixPartners,LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act aslegal counsel to the Company in this process. Prime Clerk servesas claims and noticing agent.

Within 20 days after the end of each month, Prime Clerk will submitto the Debtor, to the United States Trustee and counsel to theOfficial Committee of Unsecured Creditors, once appointed, itsstatement for fees and expenses incurred during the previousmonth.

Based upon the creditor matrix, there are approximately 2,100creditors, former employees, and other parties-in-interest whorequire notice of various matters. The Debtor says the size of itscreditor body makes it impractical for the Clerk to send noticesand to maintain a claims register.

In the year prior to the Petition Date, Prime Clerk has been paid$15,000 by the Debtor. There are no amounts owed to Prime Clerk asof the Petition Date. Prime Clerk is currently holding aprepetition retainer of $15,000 from the Debtor for servicesrendered and to be rendered in connection with this case.

To the best of the Debtor's knowledge, Prime Clerk is a"disinterested person" within the meaning of Section 101(14) of theBankruptcy Code.

About NewZoom

Headquartered in San Francisco, California, NewZoom, doing businessas ZoomSystems, operates an automated retail channel. It operatesZoomShops, a custom-branded automated self-service retail storesthat facilitates online shopping. It has ZoomShop networklocations in airports, malls, resorts, military bases, and retailstores in the United States, Europe, and Japan. The Debtor employsapproximately 115 people.

The Debtor has estimated assets and liabilities in the range of $10million to $50 million.

Pachulski Stang Ziehl & Jones LLP represents the Debtor ascounsel.

The case is assigned to Judge Hannah L. Blumenstiel.

NEWZOOM INC: Section 341 Meeting Scheduled for October 6--------------------------------------------------------A meeting of creditors in the bankruptcy case of NewZoom, Inc.,will be held on Oct. 6, 2015, at 9:00 a.m. at San Francisco U.S.Trustee Office. Proofs of claim are due by Jan. 4, 2016.

This is the first meeting of creditors required under Section341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend. Thismeeting of creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company's financial affairs andoperations that would be of interest to the general body ofcreditors.

The Company offers an end-to-end technology and services solutionthat allows its customers -- major brands and retailers -- to sellits products to consumers through automated kiosks called"ZoomShops," which are installed and operated by the Company inhigh-traffic locations such as airports and malls.

ONEX TSG: Moody's Assigns B2 CFR, Outlook Stable------------------------------------------------Moody's Investors Service assigned a B2 Corporate Family Rating andB2-PD Probability of Default Rating to Onex TSG Intermediate Corp.,the indirect parent of The Schumacher Group ("Schumacher"). At thesame time, Moody's assigned a B1 rating to Schumacher's proposed$475 million senior secured credit facilities, composed of a $75million 1st lien revolver and a $400 million 1st lien term loan.Concurrently, Moody's also assigned a Caa1 rating to the company's$135 million 2nd lien term. The rating outlook is stable. This isthe first time Moody's has assigned public ratings to Schumacher.

The proceeds will be used to fund the acquisition of The SchumacherGroup by financial sponsor Onex Partners Manager LP and completethe acquisition of Hospital Physician Partners ("HPP") for $271million. HPP is an emergency and hospital medicine contractmanagement company that operates in a similar line of business toSchumacher.

The following ratings and LGD's have been assigned:

Onex TSG Intermediate Corp:

Corporate Family Rating at B2

Probability of Default Rating at B2-PD

$75 million revolving credit facility expiring in 2020 at B1 (LGD3)

$400 million first lien term loan due in 2022 at B1 (LGD 3)

$135 million second lien term loan due in 2023 at Caa1 (LGD 5)

The outlook is stable

RATING RATIONALE

The B2 Corporate Family Rating reflects Schumacher's small sizerelative to larger competitors, the company's high financialleverage and its significant exposure to uninsured patients. Inaddition, the company's high concentration in emergency medicine isa further constraint on the rating. Schumacher's rating issupported by favorable market trends within healthcare servicesoutsourcing, strong organic growth and no significant customerconcentration.

The stable outlook reflects Moody's expectation that Schumacherwill continue to produce positive operating results, characterizedby strong margins and steady cash flow. Moody's also believes thatinternal cash will likely be used for additional growthinitiatives, instead of debt repayment, nonetheless Moody's expectthe company to deliver to about 5 times over the next 12-18 months,primarily through EBITDA growth.

Moody's does not anticipate an upgrade in the near-term, however,the rating could be upgraded if the company can grow its revenuebase, while expanding its product line. More specifically, ifSchumacher is able to deliver and maintain debt to EBITDA around4.0 times, along with consistent positive free cash flow, therating could be upgraded.

The ratings could be downgraded if the company experiences anegative change in the reimbursement rate environment, such thatoperating profits deteriorate or credit metrics weaken. If theseconditions result in sustained debt to EBITDA greater than 6.0times, a downgrade is possible.

Official creditors' committees have the right to employ legal andaccounting professionals and financial advisors, at a debtor'sexpense. They may investigate the debtor's business and financialaffairs. Importantly, official committees serve as fiduciaries tothe general population of creditors they represent.

PATRIOT COAL: In "Advanced" Talks with Rival Bidders for Mines--------------------------------------------------------------Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,reported that talks with a rival bidder for Patriot Coal Corp.'smining assets are in an "advanced" stage and could yield acompetitive auction, according to the company's lawyer.

According to the report, Patriot attorney Stephen Hessler on Sept.16 told a bankruptcy judge that the company's talks with thepotential bidder, whom he declined to name, could yield a challengeto lead bidder Blackhawk Mining LLC at next week's auction.

About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in theUnited States. Patriot and its subsidiaries control 1.4 billiontons of proven and probable coal reserves -- including owned andleased assets in the Central Appalachia basin (in West Virginiaand Ohio) and Southern Illinois basin (in Kentucky and Illinois)and their operations consist of eight active mining complexes inWest Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,and, on Dec. 18, 2013, won approval of its bankruptcy-exit planfrom the U.S. Bankruptcy Court for the Eastern District ofMissouri. The plan turned over most of the ownership of thecompany to bondholders that include New York hedge fund KnightheadCapital Management LLC. The linchpins of the plan were a globalsettlement among the Debtors, the United Mine Workers of America,and two third parties -- Peabody Energy Corporation and Arch Coal,Inc. -- and a commitment by a consortium of creditors, led byKnighthead, to backstop two rights offerings that funded the plan.

The U.S. trustee overseeing the Chapter 11 case of Patriot CoalCorp. appointed seven creditors of the company to serve on theofficial committee of unsecured creditors. The Committee isrepresented by Morrison & Foerster LLP as its counsel, andTavenner & Beran, PLC, as its local counsel. Jefferies LLC servesas its investment banker.

The directed the U.S. Trustee to form an official committee ofretirees at the behest of Patriot Coal Non-Union Retiree VEBA.

* * *

Patriot Coal has filed with the Bankruptcy Court a letter ofintentfor a proposed sale of a substantial majority of its operatingassets to Blackhawk Mining, LLC, as well as a motion outliningbidding procedures. Under the terms of the letter of intent,Blackhawk would issue to Patriot's secured lenders new debtsecurities totaling approximately $643 million plus Class B Unitsproviding them an ownership stake in Blackhawk. In addition,Blackhawk would assume or replace surety bonds supportingreclamation and related liabilities associated with the purchasedassets.

PETTERS COMPANY: Court Approves WayPoint as Trustee's Consultant----------------------------------------------------------------Douglas A. Kelley, the Chapter 11 trustee of Petters Company, Inc.et al., sought and obtained permission from the Hon. Gregory F.Kishel of the U.S. Bankruptcy Court for the District of Minnesotato employ WayPoint Inc. as tax and forensic accounting consultants,effective June 1, 2015.

Frank Vennes was a business associate of Petters and a serviceagent and primary fundraiser for Petters Company, Inc.

Compensation to WayPoint will be based on the current hourly rate,plus reimbursement of actual and necessary expenses incurred byWayPoint in providing services to the Trustee. The current hourlyrate of Rodney E. Oakes is $350.

Mr. Oakes assured the Court that the firm is a "disinterestedperson" as the term is defined in Section 101(14) of the BankruptcyCode and does not represent any interest adverse to the Debtors andtheir estates.

Based in Minnetonka, Minn., Petters Group Worldwide LLC is acollection of some 20 companies, most of which make and marketconsumer products. It also works with existing brands throughlicensing agreements to further extend those brands into newproduct lines and markets. Holdings include Fingerhut (consumerproducts via its catalog and Web site), SoniqCast (maker ofportable, WiFi MP3 devices), leading instant film and cameracompany Polaroid (purchased for $426 million in 2005), Sun CountryAirlines (acquired in 2006), and Enable Holdings (onlinemarketplace and auction for consumers and manufacturers' overstockinventory). Founder and chairman Tom Petters formed the company in1988.

Petters Company, Inc., is the financing and capital-raising unit ofPetters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, hasbeen indicted and a criminal proceeding against him is proceedingin the U.S. District Court for the District of Minnesota.

Ritchie and companion litigant Yorkville Investment I LLC extended$189 million in loans to Petters prior to the fraud's collapse in2008.

About Petters Company

Based in Minnetonka, Minn., Petters Group Worldwide LLC is acollection of some 20 companies, most of which make and marketconsumer products. It also works with existing brands throughlicensing agreements to further extend those brands into newproduct lines and markets. Holdings include Fingerhut (consumerproducts via its catalog and Web site), SoniqCast (maker ofportable, WiFi MP3 devices), leading instant film and cameracompany Polaroid (purchased for $426 million in 2005), Sun CountryAirlines (acquired in 2006), and Enable Holdings (onlinemarketplace and auction for consumers and manufacturers' overstockinventory). Founder and chairman Tom Petters formed the companyin1988.

Petters Company, Inc., is the financing and capital-raising unitofPetters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, hasbeen indicted and a criminal proceeding against him is proceedingin the U.S. District Court for the District of Minnesota.

The series 2013 bonds were loaned to the school's foundation, alegally separate tax-exempt organization from PPACS, which wasorganized to manage the school's annual operations, facilities, andlong-term viability. The bonds are a general obligation of thefoundation, payable from legally available funds generated and heldby PPACS. A first-mortgage lien on the facilities secures thebonds. The school has a debt service fund, equal to MADS. Thefoundation and PPACS have a lease financing agreement under whichthe foundation leases the facilities to the school.

PPACS specializes in the performing arts with dance, instrumental,and vocal music lessons.

QUIKSILVER INC: Court Approves KCC as Claims and Noticing Agent---------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware authorizedQuiksilver, Inc. and its debtor affiliates to employ KurtzmanCarson Consultants LLC as their claims and noticing agent, nunc protunc to the Petition Date.

KCC will perform noticing services and to receive, maintain, recordand administer the proofs of claim filed in the Debtors' Chapter 11cases.

The Court authorized the Debtors to pay KCC in accordance with theterms of the Services Agreement, and to reimburse KCC for allreasonable and necessary expenses it may incur.

About Quiksilver

Quiksilver, Inc., designs, produces and distributes brandedapparel, footwear and accessories. The Company's apparel andfootwear brands, inspired by a passion for outdoor action sports,represent a casual lifestyle for young-minded people who connectwith its boardriding culture and heritage. The Company'sQuiksilver, Roxy, and DC brands have authentic roots and heritagein surf, snow and skate. The Company's products are sold in morethan 100 countries in a wide range of distribution, including surfshops, skate shops, snow shops, its proprietary Boardriders shopsand other Company-owned retail stores, other specialty stores,select department stores and through various e-commerce channels.For additional information, please visit the Company's brand Websites at www.quiksilver.com, www.roxy.com and www.dcshoes.com.

Quiksilver began operations in 1976 as a California companymaking boardshorts for surfers in the United States under a licenseagreement with the Quiksilver brand founders in Australia. TheCompany later reincorporated in Delaware and went public in 1986.

In fiscal year 2014 (ended Oct. 31, 2014), 34% of the Company'srevenue was generated by the Debtors, within the United States. Theremaining 66% is attributable to the Non-Debtor Affiliates locatedoutside the United States.

Sales at Company retail stores accounted for approximately28% of Company revenue during fiscal year 2014. The Company'sretail shops include full-price stores, factory outlet stores, and"shop-in-shops." At the end of the fiscal year 2014, theCompany had approximately 266 full-price core brand stores, ofwhich 75 are located in the United States.

The automatic stay enjoins all persons and all governmental unitsfrom, among other things, (a) commencing or continuing anyjudicial, administrative, or other proceeding against the Debtorsthat was or could have been initiated before the Debtors' Chapter11 cases were commenced or recovering upon a claim against any ofthe Debtors that arose before the commencement of the Debtors'Chapter 11 cases and (b) taking any action to collect, assess, orrecover a claim against any of the Debtors that arose before thecommencement of the Chapter 11 cases.

About Quiksilver

Quiksilver, Inc., designs, produces and distributes brandedapparel, footwear and accessories. The Company's apparel andfootwear brands, inspired by a passion for outdoor action sports,represent a casual lifestyle for young-minded people who connectwith its boardriding culture and heritage. The Company'sQuiksilver, Roxy, and DC brands have authentic roots and heritagein surf, snow and skate. The Company's products are sold in morethan 100 countries in a wide range of distribution, including surfshops, skate shops, snow shops, its proprietary Boardriders shopsand other Company-owned retail stores, other specialty stores,select department stores and through various e-commerce channels.For additional information, please visit the Company's brand Websites at www.quiksilver.com, www.roxy.com and www.dcshoes.com.

Quiksilver began operations in 1976 as a California companymaking boardshorts for surfers in the United States under a licenseagreement with the Quiksilver brand founders in Australia. TheCompany later reincorporated in Delaware and went public in 1986.

In fiscal year 2014 (ended Oct. 31, 2014), 34% of the Company'srevenue was generated by the Debtors, within the United States. Theremaining 66% is attributable to the Non-Debtor Affiliates locatedoutside the United States.

Sales at Company retail stores accounted for approximately28% of Company revenue during fiscal year 2014. The Company'sretail shops include full-price stores, factory outlet stores, and"shop-in-shops." At the end of the fiscal year 2014, theCompany had approximately 266 full-price core brand stores, ofwhich 75 are located in the United States.

QUIKSILVER INC: Wins Interim OK to Pay $30-Mil. to Critical Vendors-------------------------------------------------------------------The Bankruptcy Court gave Quiksilver, Inc. and its debtoraffiliates permission to pay claims of suppliers, serviceproviders, and vendors in an amount not to exceed $30 million, onan interim basis.

The Court authorized the Debtors to cause the Critical Vendors toenter into trade agreements with them as a condition to payment oftheir claims. If a Critical Vendor refuses to supply goods orservices to the Debtors on Temporary Trade Terms following receiptof payment on its Critical Vendor Claim or fails to comply with anyTrade Agreement, the Debtors may declare that any Trade Agreementis terminated and that payments made to the Critical Vendor onaccount of its Critical Vendor Claim be deemed to have been made inpayment of then-outstanding postpetition claims of that CriticalVendor.

A final hearing on the Motion is scheduled for Oct. 6.

About Quiksilver

Quiksilver, Inc., designs, produces and distributes brandedapparel, footwear and accessories. The Company's apparel andfootwear brands, inspired by a passion for outdoor action sports,represent a casual lifestyle for young-minded people who connectwith its boardriding culture and heritage. The Company'sQuiksilver, Roxy, and DC brands have authentic roots and heritagein surf, snow and skate. The Company's products are sold in morethan 100 countries in a wide range of distribution, including surfshops, skate shops, snow shops, its proprietary Boardriders shopsand other Company-owned retail stores, other specialty stores,select department stores and through various e-commerce channels.For additional information, please visit the Company's brand Websites at www.quiksilver.com, www.roxy.com and www.dcshoes.com.

Quiksilver began operations in 1976 as a California companymaking boardshorts for surfers in the United States under a licenseagreement with the Quiksilver brand founders in Australia. TheCompany later reincorporated in Delaware and went public in 1986.

In fiscal year 2014 (ended Oct. 31, 2014), 34% of the Company'srevenue was generated by the Debtors, within the United States. Theremaining 66% is attributable to the Non-Debtor Affiliates locatedoutside the United States.

Sales at Company retail stores accounted for approximately28% of Company revenue during fiscal year 2014. The Company'sretail shops include full-price stores, factory outlet stores, and"shop-in-shops." At the end of the fiscal year 2014, theCompany had approximately 266 full-price core brand stores, ofwhich 75 are located in the United States.

RADIOSHACK CORP: Liquidation Plan Moves Closer to Final Approval----------------------------------------------------------------Tom Corrigan, writing for Dow Jones' Daily Bankruptcy Review,reported that lawyers for the former RadioShack said Sept. 16 thedefunct electronics retailer had resolved about a dozen objectionsto its liquidation plan and will return to a bankruptcy courtroomon Sept. 17 to seek a judge's order finalizing the proposal.

According to the report, lawyers for RS Legacy Corp., the corporateshell of what was once RadioShack, spent much of the Sept. 16hearing at the U.S. Bankruptcy Court in Wilmington, Del., outsidethe courtroom, attempting to work through a handful of remainingroadblocks.

In support of confirmation of the Plan, the Debtors maintain thatthe centerpiece of the Plan is the resolution of various disputesamong the Debtors, the Creditors' Committee and the SCP SecuredParties. After extensive negotiations, the Debtors, the Creditors'Committee and the SCP Secured Parties entered into a settlementterm sheet that resolves various disputes among them, includingdisputes regarding allocation of cash proceeds between the Debtors'encumbered and unencumbered assets, the SCP Secured Parties'alleged diminution and adequate protection claims, and the Debtors'alleged section 506(c) claims. The settlement not only resolvesthese long-standing issues among the Debtors, their unsecuredcreditors and the remaining unpaid secured creditor, it providessufficient cash for the Debtors to satisfy administrative andpriority claims pursuant to the agreed Wind Down Budget and createsthe prospect for a distribution to general unsecured creditors.

Carlin Adrianopoli, Chief Financial Officer of the Debtors, filed adeclaration stating that the Plan complies with all applicableprovisions of Section 1129(a)(1) of the Bankruptcy Code, includingSections 1122 and 1123 of the Bankruptcy Code. Among other things,Article II of the Plan properly classifies all Claims andInterests that require classification and segregates such Claimsand Interests into ten separate Classes, Ms. Adrianopoli said.

About RadioShack Corporation

Headquartered in Fort Worth, Texas, RadioShack is a retailer ofmobile technology products and services, as well as productsrelated to personal and home technology and power supply needs. RadioShack's retail network includes more than 4,300company-operated stores in the United States, 270 company-operatedstores in Mexico, and approximately 1,000 dealer and other outletsworldwide.

The First Amended Plan provides that the SCP Agent will recover anestimated 80% to 90% of its allowed claim amount, estimated tototal $70 million. General Unsecured Claims, estimated to total$200 to $400 million, will receive a Pro Rata share, with AllowedClaims in Classes 6 and 7, of the Remaining Liquidating TrustAssets.

"Three years post-dissolution, the administrative risks related tothe payment of debt service have significantly lessened, so we arenow placing greater weight on the fundamental project areacharacteristics and some of the positive features of thedissolution legislation, including the closed lien status of thedebt and the availability of the 20% of tax increment revenuespreviously restricted for use on affordable housing to pay debtservice."

SUMMARY RATING RATIONALE

The upgrade to Baa1 takes into account the sizeable incrementalassessed value (AV) of the merged project area, return to healthyAV growth, average level of incremental AV to total AV, adequatedebt service coverage levels, minimal tax payer concentration andan above average socio-economic profile of area residents.

Moody's said, "The rating factors in the SA's successful adaptationto post dissolution processes and administrative procedures and ourexpectation that this will continue. The rating also incorporatesour generally positive assessment of the implementation of thelegislation that dissolved redevelopment agencies (RDAs) by mostsuccessor agencies over the last three years, leading to timelypayment of debt service on California TABs."

In 2012, state legislation dissolved all California RDAs, replacingthem with "successor agencies" to serve as fiduciary agents.Dissolution effectively changed the flow of funds and processesaround the payment of debt service on TABs. Tax increment revenueis placed in trust with the county auditor-controller, who makessemi-annual distributions of funds sufficient to pay debt serviceon TABs and other "enforceable obligations" approved by the state.

OUTLOOK

Outlooks are generally not applicable for local government creditsof this size.

-- Additional legislative or administrative changes that createuncertainty as to the timely payment of debt service

OBLIGOR PROFILE

The Successor Agency to the Rancho Mirage Redevelopment Agency is aseparate legal entity from the City of Rancho Mirage. The SA isresponsible for winding down the operations of the former RDA,making payments on state-approved "enforceable obligations" andliquidating any unencumbered assets to be distributed to otherlocal taxing entities.

LEGAL SECURITY

The legal security for the bonds is tax increment revenue pledgedfrom the specific project sub-areas, net of housing project bondsdebt service and pass through payments.

While not legally pledged, the dissolution laws permit TAB debtservice to be paid from tax increment revenues deposited in theSA's Redevelopment Property Tax Trust Fund (RPTTF), less amountsdisbursed for pass-through payments and certain administrativecharges. This includes the 20% of TI revenue previously consideredrestricted housing set aside. The SA is responsible for notifyingthe county auditor-controller of any shortfall in TI revenueexpected to be deposited in the RPTTF needed for the payment of TABdebt service that would result from the disbursal of the monies forsubordinated pass-through payments, so that the necessarysubordination can be effected through changes to the usual flow offunds.

REICHHOLD HOLDINGS: Stepan Co. Steps Down From Creditors' Panel---------------------------------------------------------------Stepan Company has resigned from Reichhold Holdings US, Inc.'sofficial committee of unsecured creditors, according to a filingwith the U.S. Bankruptcy Court in Delaware.

The U.S. Trustee for Region 3 appointed the Illinois-based companyto serve on the committee on Oct. 14, 2014.

About Reichhold

Founded in 1927, Reichhold, with its world headquarters andtechnology center in Durham, North Carolina, is one of the world'slargest manufacturer of unsaturated polyester resins and a leadingsupplier of coating resins for the industrial, transportation,building and construction, marine, consumer and graphic artsmarkets. Reichhold -- http://www.Reichhold.com/-- has manufacturing operations throughout North America, Latin America,the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidatedassets of $538 million and liabilities of $631 million.

The U.S. Trustee for Region 3 appointed seven creditors ofReichhold Holdings US, Inc. to serve on the official committee ofunsecured creditors.

On April 1, 2015, the U.S. Trustee named three non-union retireesof Debtors to serve as the official Non-Union Retiree Committee. Each of the Retiree Committee members is receiving retiree welfarebenefits from one or more of the Debtors.

On April 2, 2015, Reichhold disclosed that the purchase of most ofthe assets of the U.S. business was completed. This transaction,approved by the Delaware Bankruptcy Court on January 12, 2015,allows Reichhold's U.S. businesses to successfully emerge frombankruptcy and re-join the rest of the global Reichholdorganization. Concurrent with this purchase, Reichhold completed adebt-for-equity exchange with a group of investors led by BlackDiamond Capital Management LLC and including J.P. Morgan InvestmentManagement, Inc., Third Avenue Management LLC, and Simplon PartnersLP.

REVEL AC: Utility Says New Owner Wants to Resell, Not Reopen------------------------------------------------------------Alex Wolf at Bankruptcy Law360 reported that the former energyprovider for the shuttered Revel Casino Hotel, now enmeshed inlitigation with Revel operator Polo North Country Club Inc. oversupplying power to the building, said Polo North has refused to payfor energy services while it tries to flip the complex to a newbuyer.

Just four months after the ill-fated Revel Casino in Atlantic Citywas sold off, windows are broken, the power is off and littleprogress has been made on reviving the facility, the former powercompany notes.

Jeannie O'Sullivan at Bankruptcy Law360, meanwhile, reported thatPolo North said ACR Energy Partners LLC has resorted to raising"irrelevant and frivolous issues" to block a motion to remand thelitigation between the parties to New Jersey state court. ACREnergy has gone to "great lengths" to argue that the motion isprecluded by the Entire Controversy Doctrine and to assert standingfor a breach-of-contract claim, "instead of focusing on thejurisdiction issue," Polo North said.

About Revel AC

Revel AC, Inc. -- http://www.revelresorts.com/-- owns and operates Revel, a Las Vegas-style, beachfront entertainment resort andcasino located on the Boardwalk in the south inlet of AtlanticCity, New Jersey. Revel AC Inc. and five of its affiliates soughtbankruptcy protection (Bankr. D.N.J. Lead Case No. 14-22654) onJune 19, 2014, to pursue a quick sale of the assets. The Chapter11 cases of Revel AC LLC and its debtor-affiliates are transferredto Judge Michael B. Kaplan. The Debtors' cases was originallyassigned to Judge Gloria M. Burns. The Debtors' Chapter 11 casesare jointly consolidated for procedural purposes. Revel ACestimated assets ranging from $500 million to $1 billion, and thesame amount of liabilities.

This is Revel AC's second trip to bankruptcy. The company firstsought bankruptcy protection (Bankr. D.N.J. Lead Case No.13-16253)on March 25, 2013, with a prepackaged plan that reduced debt by$1.25 billion. Less than two months later on May 15, 2013, the2013 Plan was confirmed and became effective on May 21, 2013.

* * *

Revel AC, Inc., et al., on April 20, 2015, filed an amended plan ofreorganization and accompanying disclosure statement to incorporatethe terms of a settlement and plan support agreement entered intowith the Official Committee of Unsecured Creditors, and Wells FargoBank, N.A., as DIP Agent, and Wells Fargo Principal Lending, LLC,as a Prepetition First Lien Lender and DIP Lender. The SettlementAgreement, among other things, provides that Wells Fargo agrees togive the general unsecured creditors $1.60 million of its recoveryfrom the proceeds of the sale of substantially all of the Debtors'assets to Polo North Country Club, Inc., and to advance $150,000from its recovery to fund the Debtors' reconciliation of claims andprosecution of claims or estate causes of actions. Early in April 2015, U.S. Bankruptcy Judge Gloria Burns approved an$82 million sale of the Revel Casino Hotel to Polo North CountryClub, Inc., which is owned by Florida developer Glenn Straub,ending nearly 10 months of contentious legal combat for control ofthe Atlantic City, N.J., resort.

ROTONDO WEIRICH: Sec. 341 Meeting Set for October 13----------------------------------------------------The meeting of creditors of Rotondo Weirich Enterprises Inc. andits affiliates is set to be held on Oct. 13, 2015, at 2:00 p.m.,according to a filing with the U.S. Bankruptcy Court for theEastern District of Pennsylvania.

The meeting will be held at the Office of the U.S. Trustee, MeetingRoom, Suite 501,833 Chestnut Street, in Philadelphia, Pennsylvania.

The court overseeing the bankruptcy case of a company schedules themeeting of creditors usually about 30 days after the bankruptcypetition is filed. The meeting is called the "341 meeting" afterthe section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at themeeting and answer questions under oath. The meeting is presidedover by the U.S. trustee, the Justice Department's bankruptcywatchdog.

SCOOTER STORE: Wants Case Dismissed, Says No Assets to Liquidate----------------------------------------------------------------Patrick Danner at San Antonio Express-News reports that The ScooterStore is asking the U.S. Bankruptcy Court for the District ofDelaware to dismiss its Chapter 11 bankruptcy case.

A hearing is set for Oct. 1, 2015, for the Court to consider theCompany's request.

The Company said in a court filing on Sept. 10, 2015, that it hassold substantially all of its assets and has no other assets toliquidate. The Company said in the court filing that it is "nolonger conducting any business operations. As such, there is nobusiness to reorganize, no viable assets to liquidate, and the(companies) have no unencumbered funds available to confirm a planof liquidation."

Express-News relates that almost $9.1 million has been distributedto secured lender Personal Mobility LLC, which also now owns about$552,000 in cash remaining on The Scooter Store companies' books.

According to the court filing, unsecured creditors in the cases areunlikely to get anything, while former workers who participated inthe Company's stock-ownership plan and 401(k) plan can expect toreceive their distributions by year-end.

The Company stated in the court documents that Rincon LiquidationPartners LLC bought most of its inventory for $800,000. Express-News relates that miscellaneous assets were sold for about$900,000. The report adds that the client list was sold toHoveround Corp. for $350,000.

About The Scooter Store

The Scooter Store is a supplier of power mobility solutions,including power wheelchairs, scooters, lifts, ramps, andaccessories. The Scooter Store's products and services providetoday's seniors and disabled persons potential alternatives toliving in nursing homes or other care facilities. Headquartered inNew Braunfels, Texas, the Scooter Store has a nationwide network ofdistribution centers that service products owned or leased by theCompany's customers. It has 57 distribution centers in 41 states.

Scooter Store Holdings Inc., and 71 affiliates filed for Chapter 11bankruptcy (Bankr. D. Del. Lead Case No. 13-10904) in Wilmington. The closely held company listed assets of less than $10 million anddebt of more than $50 million.

Affiliates of private equity firm Sun Capital Partners, based inBoca Raton, Florida, purchased a majority voting interest in thedebtors in 2011. Scooter Store is 66.8 percent owned by SunCapital Partners Inc., owed $40 million on a third lien. Inaddition to Sun's debt and $25 million on a second lien owing toCrystal Financial LLC, there is a $25 million first-lien revolvingcredit owing to CIT Healthcare LLC as agent. Crystal is providing$10 million in financing for bankruptcy.

SPRINT CORP: Moody's Lowers CFR to B3, Outlook Still Negative-------------------------------------------------------------Moody's Investors Service downgraded several ratings of SprintCorporation, including the company's Corporate Family Rating("CFR") to B3 from B1, the company's Probability of Default Rating("PDR") to B3-PD from B1-PD and Sprint's senior unsecured rating toCaa1 from B2. Moody's also lowered Sprint's Speculative GradeLiquidity ("SGL") Rating to SGL-4 from SGL-3. The rating actionreflects Moody's view that the numerous operational and networkinitiatives, management changes, and funding plans recentlyannounced by Sprint and its parent company and majorityshareholder, SoftBank Group Corp. ("SoftBank"), will beinsufficient to stabilize Sprint's operations in the next fewyears. The brutal competition now playing out in the US wirelessindustry will pressure the financial performance of even thestrongest operators. Consequently, we expect Sprint's cashconsumption to remain high, liquidity to remain weak and leverageto increase. Finally, we remain concerned about the ability ofSprint to refinance its large upcoming debt maturities absent amuch stronger commitment from SoftBank to the long-term strategicimportance of Sprint in SoftBank's overall plans. The outlookremains negative.

Moody's believes that despite some recent improvement in operatingmetrics (i.e. reduced churn, decrease in postpaid handset losses)the capital markets will be disinclined to provide funding toSprint without enhanced collateral in light of its ongoing verylarge cash needs. "We believe that Sprint (and Softbank) recognizethis fact. To address this problem, Sprint, in conjunction withSoftbank, have announced plans to establish two leasing companiesin order to limit the need for any new debt or equity capital or tosell spectrum "in the foreseeable future". These new leasingcompanies will be set up to finance customer device leases andnetwork equipment for its network densification program. Whiledetails haven't been finalized, the credit impact could be positivefor Sprint since liquidity is a key weakness for the company as itinvests in a turnaround. However, if the entity does not representa permanent partner for Sprint, one which can endure all phases ofthe business or credit cycle, then the financial obligation of theleasing company would likely be added back to Sprint's adjustedcredit metrics and further reflected in its long-term ratings,"Moody's said.

Sprint's debt maturities ramp up significantly starting in December2016 when $2.0 billion of senior notes mature. Annual debtmaturities over the following five years average about $2.5 billionper year.

In addition, a major spectrum auction of low-band spectrum isexpected to occur in 2016. In the past, Sprint has expressed aninterest in this type of spectrum in order to complement itsholdings of mid-band and high-band spectrum. Recently, it has beenless clear on whether it would seek to augment its relativelyshallow low-band holdings. We believe that a balanced mix ofspectrum is critical for operators to compete effectively andprofitably in the US over the long-term. Consequently, we believeSprint may need to reconsider its reluctance to sell some of itsvery deep holdings of 2.5GHz spectrum.

Sprint's B2 CFR reflects the company's highly leveraged capitalstructure, intense competitive challenges, a deterioratingliquidity position, our projection for substantial negative freecash flow through at least 2017 and Sprint's need for significantadditional capital to fund its network buildout and to refinanceupcoming sizable maturities. The rating currently incorporates aone notch lift due to our expectation that Sprint's parent companyand majority shareholder, SoftBank Group Corp. (Ba1 CFR, stableoutlook) will seek to retain the viability of Sprint as a goingconcern. The rating also recognizes its valuable spectrum assets.

The lowering of Sprint's SGL rating to SGL-4 indicates Moody'sexpectation that the company will sustain a weak liquidity profilethrough the next 12 to 18 months. We believe that additionalliquidity will be required because of Sprint's aggressive pricingplans and the negative cash flow impact from installment billingplans. We expect Sprint to remain cash flow negative for CYE2015and CYE2016, at least. As of June 30, 2015, Sprint had $2.3 billionin cash and short-term investments and $2.9 billion borrowingcapacity on its $3.3 billion revolving credit facility and about$1.4 billion borrowing capacity under its $3.3 billion servicereceivables financing agreement. In addition, Sprint also has $1.3billion of undrawn availability under its network vendor financingwhich is utilized towards the purchase of 2.5 GHz equipment. Weanticipate Sprint utilizing its service receivables facility,network vendor financing and possibly its revolver to support itsliquidity position. As of June 30, 2015, Sprint has $1.2 billion(including $444 million of the Clearwire Exchangeable Notes thatbecomes callable) and $3.6 billion of debt maturing for FYE2015 andFYE2016 respectively.

The negative outlook reflects our belief that Sprint is going toneed significant additional funding going forward. It remainsuncertain whether or not the capital markets will be receptive toadditional funding in light of Sprint's weak performance. Also, ifT-Mobile US and Dish were to agree to a merger, capital marketaccess for Sprint would be further marginalized.

The outlook could be stabilized if Sprint received significantadditional equity funding to ensure the company has a fully fundedbusiness plan. Also, a stronger commitment from SoftBank (i.e. debtguarantee) regarding the financial and strategic importance ofSprint to SoftBank's global strategy could stabilize the outlook.Finally, the establishment of a leasing program(s) that improvesSprint's liquidity and leverage profiles would also help stabilizethe outlook.

Given the negative outlook, a ratings upgrade for Sprint is veryunlikely. However, if leverage were to drop and remain below 5.5x,and free cash flow were to turn positive, upward rating pressurecould ensue (note that all cited financial metrics are referencedon a Moody's adjusted basis). In addition, significant financialsupport from Softbank in the form of a debt guarantee or materialequity capital infusion could also support Sprint's ratings.

Sprint's ratings would be lowered if leverage were likely to besustained above 6.5x (Moody's adjusted) or if the company'sliquidity profile does not improve soon.

TARGET CANADA: Spars With Creditors Over $1.9 Billion Debt Claims-----------------------------------------------------------------Marina Strauss at The Globe and Mail reports that a new battle isbrewing over $1.9-billion of intercompany claims in Target Canada'scollapse as creditors push to free up money for their own debts.

According to the report, the monitor in the Target Canadainsolvency case said the $1.9-billion debt the chain has said itowed its own property company should be reduced to $1.36-billion.However, the monitor, Alvarez & Marsal Canada Inc., acknowledged ina court filing that "a strict reading of the words" of the propertyagreements shows "drafting errors," which, the monitor adds, can beoverlooked partly because of Target's "stated intention."

Now, some creditors are challenging the entire so-called Propcointercompany claim -- the largest among a number of other suchdebts -- on the grounds that it is technically flawed, the reportsays.

"In our view, the entire Propco claim is zero," the report quotesLou Brzezinski, a lawyer at Blaney McMurtry LLP who representsmajor suppliers such as Universal Studios Canada and Nintendo ofCanada, as saying. "I think it is a big problem for Target."

The Globe and Mail notes that Target's intercompany claims areimportant to creditors because they are worried the claims couldend up in U.S. parent Target Corp.'s coffers and wipe out their ownrecoveries. In all, creditors have been estimated to be owed morethan $2-billion, which could be almost as much as the intercompanyclaims, the report says. Target Canada has so far raised roughly$900-million from selling off properties and inventory, the Globeand Mail discloses.

Target Canada got court protection from creditors on Jan. 15 afterless than two years in Canada. It closed all 133 of its discountstores by mid-April, the report says.

The Globe and Mail says that at the start of the insolvencyprocess, an affiliate of the U.S. parent agreed to subordinate toother unsecured creditors $3.1-billion it is owed by Target Canada,allowing other creditors to be paid first. But it has not said itwill subordinate other intercompany claims, including the bigproperty debt.

In a filing earlier this month, the monitor said the language inthe property agreements "presents certain challenges." (Theproperty firm was set up to handle store real estate leaseassignments and operations.)

"The materials provided in support of this claim indicate that theassignment and assumption agreement serve to assign all thesubleases and leasebacks entered into by Prop LP prior to the dateof the assignment," the monitor's report said.

"However, Prop LP only assigned all of its right, title, interestand obligations as 'sublessor.' Accordingly, on a strict reading ofthe words of the agreements, only the leasebacks were assigned," itsaid. "However, on balance, the monitor has concluded that theseare simply drafting errors" given a number of factors, includingTarget's "stated intention."

According to the Globe and Mail, the monitor also points to therationale for the assignment of the leasehold arrangements; theconduct of the parties following the assignment, as shown by theinformation provided by it in support of its claim; and theproperty company not being in the position to serve "as lessorunder the leasebacks without possessing the benefit of the tenancyafforded by the subleases."

Excluding the $3.1-billion of subordinated debt, Target Canadafiled for intercompany debts of more than $2.1-billion, the monitorreport suggests. Ultimately, it approved intercompany claimsagainst the retailer of more than $1.5-billion, the report relays.

Among the intercompany claims are $12-million tied to Target'spharmacies, the report says. Earlier this month, former franchisedpharmacists' representatives called on Ottawa to change theCompanies' Creditors Arrangement Act -- under which Target gotcourt protection -- to prevent other foreign companies from usingit as a way of going out of business. The pharmacists estimatetheir claims to be between $150-million and $200-million, the Globeand Mail relates.

"A fair CCAA process with Target must include a fair claim processwith non-Target creditors first," Dan Dimovski, a former Targetpharmacy partner and president of the Pharmacy FranchiseeAssociation of Canada, said in a letter to its members earlier thismonth, adds the Globe and Mail.

About Target Canada

On Jan. 15, 2015, Target Canada Co. and certain entities commencedcourt-supervised restructuring proceedings under the Companies'Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended. Onthe same day, the Ontario Superior Court of Justice (CommercialList) granted an order, which, among other things, provides for astay of proceedings until February 13, 2015. The Stay Period maybe extended by the Court from time to time. Although notApplicants, the protections and authorizations provided for in theInitial Order have been extended to the Partnerships.

Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. wasappointed as monitor of the business and financial affairs of theTarget Canada Entities. The Ontario Court has appointed Alvarez &Marsal Canada Inc. as monitor in Target Canada et al.'s Companies'Creditors Arrangement Act proceeding, and Koskie Minsky LLP asrepresentative counsel of all Target employees in the proceedings.

At the same time, based on preliminary terms and conditions, S&Passigned a 'B+' issue-level rating (one notch above the corporatecredit rating) and a recovery rating of '2' to UFS Holdings'proposed $200 million first-lien secured credit facilities,consisting of a $35 million revolving credit facility and $165million first-lien term loan. The '2' recovery rating indicatesS&P's expectation of substantial (lower half of the 70% to 90%range) recovery in the event of a default. S&P also assigned a'CCC+' issue-level rating (two notches below the corporate creditrating) and a '6' recovery rating to the proposed $40 millionsecond-lien term loan. The '6' recovery rating indicates S&P'sexpectation for negligible (0% to 10%) recovery in the event of adefault. The debt is being issued by Universal Fiber Systems LLCon behalf of UFS Holdings.

"The stable outlook for UFS Holdings Inc. reflects our view thatmargins will improve in 2015 over their 2014 levels due to certaincost-saving initiatives, and remain stable thereafter, because thecompany has a leading position in the niche markets in which itoperates," said Standard & Poor's credit analyst Brian Garcia.

S&P could lower the ratings if the company's performancedeteriorates as a result of increased raw material costs ordecreased end-market demand, causing leverage measures to weaken.In addition, S&P could also lower the ratings if the company wereto make large debt-funded acquisitions or shareholder rewards.Based on S&P's downside scenario, its trigger points are FFO tototal adjusted debt falling below 5% and total adjusted debt toEBITDA increasing above 6x, without prospects for improvement overthe next 12 months.

S&P could raise the ratings if the company reduced debt levels,such that the FFO to total adjusted debt ratio exceeded 15% on asustainable basis. To consider a higher rating, S&P would alsohave to be convinced that ownership is committed to maintainingleverage at these levels by maintaining a prudent approach tobalancing debt reduction, growth investment, and returning capitalto shareholders.

UNIVERSAL FIBER: Moody's Assigns First Time 'B2' CFR----------------------------------------------------Moody's Investors Service assigned first-time ratings to UniversalFiber Systems, LLC, including a B2 Corporate Family Rating ("CFR"),B1 first lien senior secured ratings, and Caa1 second lien seniorsecured rating. Universal will be acquired by H.I.G. Capital fromSterling Group. Proceeds from $240 million of new secured debt willhelp fund private equity firm H.I.G. Capital's acquisition ofUniversal from Sterling Group for $275 million plustransaction-related fees and expenses. The rating outlook isstable.

The B2 Corporate Family Rating ("CFR") reflects a leveraged balancesheet, small size and scale, operational, supplier, and customerconcentration, modest organic growth prospects, and longer-termrisk associated with private equity ownership. Moody's estimatesadjusted financial leverage in the high 4 times (Debt/EBITDA) andinterest coverage near 3 times (EBITDA/Interest) on a pro formabasis for the twelve months ended June 30, 2015. The rating assumesthat the company will generate at least $10 million of annual freecash flow starting in 2016. Good market positions help supportprofitability. Product, polymer, and end market diversity shouldalso help the company maintain more stable financial performanceover time compared to many rated peers in the chemical industry.The company is also expected to maintain good liquidity.

The stable outlook assumes that the company will maintain leveragebelow 5 times, retained cash flow of at least 10% (RCF/Debt), and agood liquidity position. Moody's could upgrade the rating withexpectations for leverage sustained below 4 times and retained cashflow sustained near 15%. An upgrade would require an increase insize and scale and a commitment to more conservative financialpolicies. Moody's could downgrade the rating with expectations forleverage sustained above 6 times, retained cash flow below 5% ofdebt, sustained negative free cash flow generation, or a materialreduction in margins. An adverse operational event, loss of a majorcustomer, adverse change in supplier relationships, ordeterioration in liquidity could also have negative ratingimplications.

Universal Fiber Systems is a manufacturer of solution-dyed andnatural synthetic fibers that are supplied primarily to thecommercial carpet, automotive, specialty apparel, and industrialmarkets. The company operations are located in Tennessee, Virginia,North Carolina, Thailand China, and the United Kingdom. The companygenerated revenues of $264 million for the twelve months ended June30, 2015.

VANTAGE DRILLING: Receives NYSE Share Delisting Notice------------------------------------------------------Vantage Drilling Company on Sep. 15 disclosed that it received anotice dated September 14, 2015 that the staff of NYSE Regulation,Inc. has determined to suspend trading immediately and commenceproceedings to delist Vantage's ordinary shares from NYSE MKT LLC. NYSE Regulation notified the Company that it is no longer suitablefor listing pursuant to Section 1003(f)(v) of the NYSE MKT CompanyGuide, due to the "abnormally low" trading price of its ordinaryshares.

The Notice further indicates that Vantage has a right to a reviewof this determination by a NYSE MKT Listing Qualifications Panel. The NYSE MKT will apply to the Securities and Exchange Commissionto delist Vantage's ordinary shares upon completion of allapplicable procedures, including any appeal by Vantage of the NYSERegulation staff's decision.

Vantage will consider all of its options, including its option toappeal, in responding to the Notice. In the meantime, Vantage'sordinary shares will trade on the over the counter markets underthe trading symbol VTGDF.

VIRGIN ISLANDS: Retirement System Seeks $600MM Aid to Stay Solvent------------------------------------------------------------------The Virgin Islands Consortium reports that the GovernmentEmployees' Retirement System (GERS) must see an infusion of cash of$600 million if it is to remain solvent, officials testifying at aCommittee of the Whole hearing at the Earl B. Ottley LegislativeHall on September 2 told senators.

It also needs contributors' monthly payments to be higher as partof a plan to save the system, the report says.

To survive at its current rate, the system would need a 15% rate ofreturn every year "for the foreseeable future to just maintain itscurrent status," said Leandro Festino, managing principal of MeketaInvestment Group, the report relays. An amount that is impossibleto achieve at a time when wages in the territory remain stagnantwith an economy that is struggling to come out of recession, TheVirgin Islands Consortium relates.

According to the report, the system's current problems werelongtime in the making, too, and were only exacerbated during the2008 recession and HOVENSA's closure in 2012, coupled withgovernment contraction over the years.

And the $600 million that GERS is requesting, to be paid fully bythe Government of the Virgin Islands, would only push the problemdown the road some 30 years, but at least it buys the system moretime to allow new contributors' benefits to kick in with changesalready made to the system, while longtime members would havealready been out as a result of mortality, the report states.

The Virgin Islands Consortium notes that in the year 2025, GERSwill have no money in the bank if the Senate fails to take action;so the funds that will be available to pay benefits will be whatcomes in from the employer and employee, meaning contributionscoming in will be immediately paid out. At that point,beneficiaries will only receive 45% of what they're currentlyreceiving, the report discloses.

For example, "a person getting $1,000 a month in a pension now,will only be able to get $450. And that's what we're looking at ifwe don't have some major changes done to the system," the reportquotes Leon 'Rocky' Joyner of Segal Consulting as saying.

So GERS is supporting a measure that it helped create, sponsored bySenator Neville James, which includes actions aimed at saving thesystem, the report says.

The Virgin Islands Consortium relates that the bill, if enacted,would do away with the cap placed on employee contributions. Itwould also change the law by making high-earning governmentemployees pay full pension contributions on every dollar earned.The measure also intends to raise retirement ages for some GERSmembers while adding other types of employees to join immediatelyas compared to waiting.

According to the Virgin Islands Consortium, the law also changesbenefits for Tier 2 government employees from a final averagesalary form of payment to a career average salary form of payment.The change protects GERS from rapid inflation late in a person'scareer and also expands contributions from less than $65,000 to allsalary, and adds a benefit for contributions for above $65,000 thatis 1 percent on every dollar earned above that level.

GERS officials said such a setup would see employees earning$100,000 making payments of $350 upon their current annual paymentinto the system, according to the report.

But the senate must act fast as an October 1 deadline is looming,the date when Tier 2 government employees become completely securedinto GERS. If changed after the aforementioned date, system membersunhappy with the new law could sue, adds the Virgin IslandsConsortium.

WALLDESIGN INC: Centex Seeks to Prosecute Indemnity Actions-----------------------------------------------------------Centex Homes asks the U.S. Bankruptcy Court for the CentralDistrict of California, Santa Ana Division, to lift the automaticstay imposed in the Chapter 11 case of Walldesign Inc. to allow itto prosecute the non-bankruptcy actions docketed as Wyss v. CentexHomes and Acker v. Centex Homes, with docket numbers:S-1500-CV282168 and MCC 1400817, pending in Kern County SuperiorCourt and Riverside County Superior Court, respectively.

Mr. Sooy tells the Court that Centex seeks recovery only fromapplicable insurance, if any, and waives any deficiency or otherclaim against the Debtor or property of the Debtor's bankruptcyestate. He further tells the Court that the actions were takenbefore Centex knew that the bankruptcy case had been filed, andCentex would have been entitled to relief from stay to proceed withits nonbankruptcy actions.

Marc J. Winthrop, Esq., Sean A. O'Keefe, Esq., and Jeannie Kim,Esq., at Winthrop Couchot, serve as the Debtor's counsel. BrianWeiss of BSW & Associates serve as the Debtor's chiefrestructuringofficer. The official committee of unsecured creditors tappedJones Day as its counsel.

The Court confirmed the plan of liquidation of Walldesign on July30, 2014. The liquidation plan was jointly proposed by thecompanyand the unsecured creditors' committee. The plan calls for theliquidation of Walldesign's assets and payments to holders ofadministrative claims and other creditors entitled todistributionsof all cash on hand well as net proceeds realized from thelitigation of claims held by the estate and liquidation of otherassets.

Walldesign, Inc., and the Unsecured Creditors' Committee notifiedthe Bankruptcy Court that the Effective Date of the Plan ofLiquidation is established as Jan. 2, 2015.

Mr. Owens tells the Court that Centex seeks recovery only fromapplicable insurance, if any, and waives any deficiency or otherclaim against the Debtor or property of the Debtor's bankruptcyestate. He further tells the Court that the claims arise undernonbankruptcy law and can be most expeditiously resolved in thenonbankruptcy forum.

Marc J. Winthrop, Esq., Sean A. O'Keefe, Esq., and Jeannie Kim,Esq., at Winthrop Couchot, serve as the Debtor's counsel. BrianWeiss of BSW & Associates serve as the Debtor's chiefrestructuringofficer. The official committee of unsecured creditors tappedJones Day as its counsel.

The Court confirmed the plan of liquidation of Walldesign on July30, 2014. The liquidation plan was jointly proposed by thecompanyand the unsecured creditors' committee. The plan calls for theliquidation of Walldesign's assets and payments to holders ofadministrative claims and other creditors entitled todistributionsof all cash on hand well as net proceeds realized from thelitigation of claims held by the estate and liquidation of otherassets.

Walldesign, Inc., and the Unsecured Creditors' Committee notifiedthe Bankruptcy Court that the Effective Date of the Plan ofLiquidation is established as Jan. 2, 2015.

[*] Alabama Bankruptcy Judge Thomas Bennett Joins Bailey Glasser----------------------------------------------------------------Thomas Bennett, the judge who oversaw the $4.1 billion bankruptcyof Jefferson County, Alabama, joined Bailey Glasser LLP as apartner in August and will work out of the Washington, D.C. office,according to a firm press release.

Tom was appointed a U.S. Bankruptcy Judge for the Northern Districtof Alabama in June 1995 and Chief U.S. Bankruptcy Judge in January2011. During his tenure, he presided over the Jefferson County,Alabama bankruptcy, the largest municipal bankruptcy ever filed, atthe time, and second today only to Detroit's bankruptcy case. In2013, he was inducted as a Fellow in the American College ofBankruptcy, for his professional excellence and exceptionalcontributions to the fields of bankruptcy and insolvency.

According to Katy Stech, writing for The Wall Street Journal,before becoming a judge in 1995, Mr. Bennett said he had areputation for taking the "nasty cases" in the energy sector andother industries that no one else wanted to touch. He worked as aclerk for Judge John R. Brown of the U.S. Court of Appeals for theFifth Circuit, who ruled on civil rights issues, and also as apartner at the law firm now known as Bowles Rice, the Journalrelated.

[*] Judge Thomas Ambro to Receive American Inns of Court Award--------------------------------------------------------------Judge Thomas L. Ambro has been selected to receive the prestigiousA. Sherman Christensen Award by the American Inns of Court. Theaward will be presented at the 2015 American Inns of CourtCelebration of Excellence at the Supreme Court of the United Statesin October; the event will be hosted by Associate Justice ElenaKagan.

Ambro is a judge on the U.S. Court of Appeals for the ThirdCircuit. He was nominated by President William Jefferson Clintonin September 1999. Prior to taking the bench, he was in privatepractice in Wilmington, Delaware, from 1976 to 2000. He served aslaw clerk to Chief Justice Daniel L. Herrmann of the DelawareSupreme Court from 1975 to 1976.

Long active in the American Inns of Court movement, Judge Ambro isa member and past president of the Richard S. Rodney American Innof Court and an organizing member and former co-chair of theDelaware Bankruptcy American Inn of Court. He served on theAmerican Inns of Court Board of Trustees for two terms, and hasalso served on the strategic planning and awards committees, theLeadership Council, and the Temple Bar Scholarships Committee. Judge Ambro is an active volunteer in the American Inns of CourtJudicial Assistants Exchange Program.

A magna cum laude graduate of Georgetown University, Judge Ambroworked on the staff of U.S. Senator William V. Roth, Jr. He wasthe first Delaware attorney to be inducted as a Fellow of theAmerican College of Commercial Finance Lawyers. He is a member ofthe American Bar Association, the Delaware State Bar Association,the Board of Editors of Delaware Lawyer magazine, the American LawInstitute, the National Bankruptcy Conference, and the AmericanBankruptcy Institute. He is an adjunct assistant professor atGeorgetown University where he helped to establish a scholarship toassist students whose financial need increases after their firstyear.

The A. Sherman Christensen Award is bestowed upon a member of anAmerican Inn of Court who, at the local, state, or national level,has provided distinguished, exceptional, and significant leadershipto the American Inns of Court movement. The award is named for thefounder of the first American Inn of Court, and is funded by anendowment established by LexisNexis.

Headquartered in Alexandria, Virginia, The American Inns of Court-- http://www.innsofcourt.org-- fosters excellence in professionalism, ethics, civility, and legal skills. Theorganization's membership includes more than 30,000 federal, state,and local judges; lawyers; law professors; and law students in morethan 380 chapters nationwide and more than 100,000 alumni members.

Monday's edition of the TCR delivers a list of indicative pricesfor bond issues that reportedly trade well below par. Prices areobtained by TCR editors from a variety of outside sources duringthe prior week we think are reliable. Those sources may not,however, be complete or accurate. The Monday Bond Pricing tableis compiled on the Friday prior to publication. Prices reportedare not intended to reflect actual trades. Prices for actualtrades are probably different. Our objective is to shareinformation, not make markets in publicly traded securities.Nothing in the TCR constitutes an offer or solicitation to buy orsell any security of any kind. It is likely that some entityaffiliated with a TCR editor holds some position in the issuerspublic debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies withinsolvent balance sheets whose shares trade higher than $3 pershare in public markets. At first glance, this list may look likethe definitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filedChapter 11 cases involving less than $1,000,000 in assets andliabilities delivered to nation's bankruptcy courts. The listincludes links to freely downloadable images of these small-dollarpetitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book ofinterest to troubled company professionals. All titles areavailable at your local bookstore or through Amazon.com. Go tohttp://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday editionof the TCR.

The Sunday TCR delivers securitization rating news from the weekthen-ending.

This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers. Information containedherein is obtained from sources believed to be reliable, but isnot guaranteed.

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